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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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Q and A’s regarding the Intelligent Finance Solicitor Panel
Is there a reason why all property lawyers aren't included on the Intelligent Finance Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our lawyer has requested from me proof of ID documents saying that this forms part of his requirements as a solicitor on the Intelligent Finance Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Intelligent Finance your lawyer also has to check ID documents to satisfy Intelligent Finance
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Intelligent Finance solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My conveyancers in Liverpool have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Intelligent Finance. Is it case that being on the Intelligent Finance conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Intelligent Finance Conveyancing Panel Terms. It might be worth you contacting Intelligent Finance directly.
Can you point me to a directory of Intelligent Finance panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Are all solicitor firms on the Intelligent Finance conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Intelligent Finance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I am buying a property where the roof has a solar panel. Intelligent Finance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Intelligent Finance your lawyer must to check the Intelligent Finance conveyancing instructions contained in the Part of CML Handbook for Intelligent Finance . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Intelligent Finance where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.