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approved by Intelligent Finance
Ready to buy a new home? Failing to check that a lawyer is on the Intelligent Finance list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Intelligent Finance Conveyancing Panel? How can my firm be reinstated onto the Intelligent Finance Conveyancing Panel?
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Examples of recent questions relating to the Intelligent Finance Conveyancing Panel
Much to my surprise I have been told by my mortgage broker that my property lawyer is not on the Intelligent Finance Conveyancing panel. How can I be sure that this is correct?
The best course of action for you to take is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Intelligent Finance solicitor panel.
My fiance and I are refinancing our flat with Intelligent Finance. We have a son 19 who lives with us. The solicitor on the Intelligent Finance conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Intelligent Finance conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Intelligent Finance .This is solely used to protect the Intelligent Finance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Intelligent Finance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Intelligent Finance conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Intelligent Finance ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am considering applying for a Intelligent Finance mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Intelligent Finance?
There is nothing to stop you using your solicitor but Intelligent Finance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I had instructed online conveyancers based in London who are on the Intelligent Finance solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Intelligent Finance mortgage. Is this an additional conveyancing fee specified by Intelligent Finance?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Intelligent Finance but by your lawyers. Some firms on the Intelligent Finance will charge an ‘acting for lender’ fee and others do not.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Intelligent Finance conveyancing panel requirements are different to Intelligent Finance’s conveyancing panel requirements.
We were going to get a DIP from Intelligent Finance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Intelligent Finance recommend a solicitor on the Intelligent Finance conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Intelligent Finance conveyancing panel. The solicitor represents both you and the Intelligent Finance through the process.
Other TopicsTransfer of Equity for Intelligent Finance
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