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Intelligent Finance Conveyancing Panel : Questions and Answers
We are purchasing a 1 bedroom flat in Leeds with a mortgage from Intelligent Finance. We have a solicitor but Intelligent Finance says he's not on their "panel". It seems we have little choice but to instruct one of the Intelligent Finance panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Intelligent Finance conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Intelligent Finance
My nephew is buying a new build apartment with a mortgage from Intelligent Finance. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Intelligent Finance conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Intelligent Finance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to have a meeting at the offices of the Intelligent Finance conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can attend their offices if required.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
I am considering applying for a Intelligent Finance mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Intelligent Finance?
In theory, you could use a solicitor that is not on Intelligent Finance conveyancing panel, but Intelligent Finance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
For 5 years I had a mortgage with Intelligent Finance. My godfather has just retired and wants to pay off my mortgage. After Intelligent Finance is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Intelligent Finance conveyancing panel? I do not intend to live at the property once the Intelligent Finance mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Intelligent Finance panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I was told four weeks ago that my mortgage has been agreed
to by Intelligent Finance. Is it usual for Intelligent Finance to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Intelligent Finance to deal with your lawyers application to be on the Intelligent Finance conveyancing panel. There's no guarantee that your solicitors will be accepted.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Intelligent Finance?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Intelligent Finance conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Intelligent Finance and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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