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LendInvest Conveyancing Panel : Questions and Answers
I have just been informed by my broker that my solicitor is not on the LendInvest Solicitor panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the the approved LendInvest solicitor panel.
My fiance and I are refinancing our apartment with LendInvest. We have a son 18 who lives with us. The solicitor on the LendInvest conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the LendInvest conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to LendInvest .This is solely used to protect the LendInvest if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of LendInvest had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the lawyers identified as being on the LendInvest conveyancing panel, together with their details provided by LendInvest?
The firms themselves provide us confirmation that they are on the LendInvest conveyancing panel as opposed to being supplied with a list from LendInvest directly.
I am attempting to get my ex-husband taken off the mortgage deeds. Can LendInvest really tell me which solicitor I can or can not use?
You can use any solicitor you like but LendInvest then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the LendInvest solicitors panel
is it true that all solicitor firms on the LendInvest conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the LendInvest 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 about to exchange contracts on a purchase with a mortgage from LendInvest. The report from my solicitor mentions that LendInvest could withdraw their offer before completion. Is this right?
Banks and Building Societies such as LendInvest can revoke their mortgage offer although this is unusual. If LendInvest withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- LendInvest may amend or withdraw an offer if the LendInvest conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. LendInvest may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs LendInvest of a change in the loan amount agreed
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
My existing mortgage is with LendInvest. My uncle has just retired and wants to pay off my mortgage. After LendInvest 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 LendInvest conveyancing panel? I do not intend to live at the property once the LendInvest mortgage is discharged.
You
will need a solicitor but they need not be on the LendInvest 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. There's no capital gains tax for you as it is
your main residence.
Other Topics
Transfer of Equity for LendInvestPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors