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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.
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Is my firm on the Intelligent Finance Conveyancing Panel? 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?Find an Approved Solicitor on the Intelligent Finance Conveyancing Panel
FAQs for the Intelligent Finance Solicitor Panel
My lawyer is not listed on the Intelligent Finance Approved Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Intelligent Finance panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a Intelligent Finance mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Intelligent Finance conveyancing panel additional costs will be incurred as separate legal representation will be required by Intelligent Finance. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Our conveyancer has identified a problem with the lease for the property we are purchasing. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the Intelligent Finance conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Intelligent Finance?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Intelligent Finance are the client. A precondition to being on the Intelligent Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Intelligent Finance). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Intelligent Finance can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Intelligent Finance solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
We're in Liverpool, FTBs purchasing with a mortgage (lender is Intelligent Finance , but our lawyer is on the Intelligent Finance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Intelligent Finance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Do the majority of lenders 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 expect to receive a DIP from Intelligent Finance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (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 find our own lawyer
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.
I recently had an offer accepted on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Intelligent Finance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Intelligent Finance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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