Ready to buy a new home? Failing to check that a lawyer is on the Investec list of approved solicitors can put your transaction at risk of delay or failure.
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My Solicitor is not listed on the Investec Solicitor Panel. Is it possible for me to use my preferred solicitor notwithstanding that they are excluded from the Investec panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a Investec 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 Investec conveyancing panel additional costs will be incurred as separate legal representation will be required by Investec. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Can you clarify something for me?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Investec was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer informs me that as she is on the Investec conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions to being on the Investec approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Investec)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Investec.
Whilst your website is a good idea there are many lawyers listed near Newcastle on the Investec conveyancing panel. Can you recommend a specific firm on the Investec approved panel?
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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My lawyers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Investec. Is it case that being on the Investec 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 Investec Conveyancing Panel Terms. It might be worth you contacting Investec directly.
Can you point me to a directory of Investec panel conveyancers 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.
Investec have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Investec or your broker and complete any relevant paperwork. Investec will tell you what documents they want. Investec will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Investec will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
My offer on house has been accepted, the seller does however have a dependent purchase. 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 should be my next step? When should I get the mortgage app going with Investec?
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 Investec 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 Investec and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.