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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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FAQs : The Investec Conveyancing Panel
I am obtaining a mortgage offer from Investec. I would like to employ the services of a Licensed Conveyancer. Does the Investec Conveyancing panel include conveyancers regulated by the CLC
Investec’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I do hope you can help me. My conveyancer is advising me that he is legally obliged to conduct a Local Authority search because the firm are on the Investec solicitor panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Investec your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Investec’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Investec. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Investec 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.
The solicitors that I recently instructed on my purchase in Hendon has suddenly shut down. I chose them because I had to have a firm on the Investec conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Investec conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
My wife and I have arranged a further advance on our mortgage from Investec as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Investec conveyancing panel to deal with the paperwork?
Investec would not normally instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Investec panel
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Investec. Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Investec involved you will need to appoint a solicitor on the Investec conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Investec. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Investec conveyancing panel.
For 5 years I had a mortgage with Investec. My father has just retired and wants to pay off my mortgage. After Investec is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Investec conveyancing panel? I do not intend to live at the property once the Investec mortgage is discharged.
You will need a solicitor but they need not be on the Investec conveyancing 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.