Accord Buy to Let Conveyancing Panel Recently Asked Questions from members of the public
I am selling my apartment and the estate agent has just telephoned to say that the purchasers are swapping property lawyer. The reason given is that Accord Buy to Let will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific solicitors?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud by way of justification 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 hearing daily from firms 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.
I am purchasing a newly built apartment and my solicitor is informing me that she is duty bound to disclose incentives from the developer as her firm is on the Accord Buy to Let conveyancing panel. The Estate Agents are hassling me to sign contracts and I would rather not prolong matters. Can I insist on an exchange regardless of what my lawyer says about being on the Accord Buy to Let panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Accord Buy to Let approved panel is to comply with the CML Handbook requirements (last updated for this lender on Accord Buy to Let). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Your search tool is useful but there are many lawyers listed near Chelsea on the Accord Buy to Let conveyancing panel. Can you recommend a specific firm on the Accord Buy to Let 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..
I am considering applying for a Accord Buy to Let mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Accord Buy to Let?
There is nothing to stop you using your solicitor but Accord Buy to Let will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as Accord Buy to Let do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Accord Buy to Let panel solicitors on the Council of Mortgage Lender’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.
After much negotiation I have agreed a price on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 200. Soon after the conveyancers contacted me to say that they were not on the Accord Buy to Let conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Accord Buy to Let panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.