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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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Investec Conveyancing Panel : Questions and Answers
I am progressing with the sale of my house and the EA has just called to advise that the buyers are changing their property lawyer. The excuse is that Investec will only engage with property lawyers on their approved list. Why would a big named lender only engage with specific law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Much to my surprise my solicitor has requested from me personal identification documents stating that this forms part of his obligations as a solicitor on the Investec Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Investec also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Investec CML Handbook requirements last updated on Investec
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Investec conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Investec ?
We are not in the business of recommending one firm above another 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..
I was supposed to complete on my dream home two days ago. My lawyer’s firm is on the Investec conveyancing panel but has moved offices in the past couple of months and had not informed Investec of their new address. Investec is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Investec branch or your mortgage broker to see if they can assist.
I had instructed online solicitors located in Manchester who are on the Investec solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the Investec mortgage. Is this a supplemental conveyancing fee specified by Investec?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Investec but by your lawyers. Some firms on the Investec will charge an ‘acting for lender’ fee and others do not.
We have a mortgage agreed in principle with Investec. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Investec?
Some lenders take longer than others. Have Investec done the valuation? Have you advised Investec as your lawyers details and checked that your lawyer is on the Investec conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
After shopping around on the internet I have found a solicitor having checked that they are on the Investec conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Investec conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Investec will need an independent valuation of the property. Your lawyer will not arrange this. Usually Investec will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Investec you could contact your them to see if they have a list of approved surveyors.