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LendInvest Conveyancing Panel : Questions and Answers
I instructed a firm of solicitors to conduct the legal paperwork on my house purchase 5 weeks ago having applied for a mortgage with LendInvest. The law firm confirmed to me that they are on LendInvest conveyancing panel and advised me their panel reference. LendInvest then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the conveyancing panel for LendInvest?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the LendInvest as to how long they think it will take to get the firm to get back on the panel.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from LendInvest was date stamped random date and we have agreed a date for me to move into the property on 6. My lawyer says that as she is on the LendInvest conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the LendInvest approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on LendInvest)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to LendInvest.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the LendInvest 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 Manchester have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with LendInvest. Is it case that being on the LendInvest conveyancing panel they need to have retained the file for a prescribed period?
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 LendInvest Conveyancing Panel Terms. It might be worth you contacting LendInvest directly.
Can you point me to a directory of LendInvest 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.
Are all conveyancing solicitors on the LendInvest conveyancing panel regulated by the SRA?
As solicitors, in order to be on the LendInvest conveyancing panel they would need to be regulated by the SRA. 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 had instructed online conveyancers based in Manchester who are on the LendInvest solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the LendInvest mortgage. Is this a supplemental conveyancing fee set by LendInvest?
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 LendInvest but by your lawyers. Some firms on the LendInvest will charge an ‘acting for lender’ fee and others do not.
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