Examples of recent questions relating to the Accord Buy to Let Solicitor Panel from members of the public
I am progressing with the sale of my flat and the estate agent has just called to say that the purchasers are switching law firm. The excuse is that Accord Buy to Let will only work with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain law firms?
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 more than 15 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 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.
My wife and I changing mortgage lender for our flat with Accord Buy to Let. We have a son 19 who lives with us. The solicitor on the Accord Buy to Let conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Accord Buy to Let conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Accord Buy to Let conveyancing panel solicitor is doing the right thing 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 Accord Buy to Let .This is solely used to protect the Accord Buy to Let 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 Accord Buy to Let 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.
I am searching for conveyancing quotes online. Can I be assured that all the practices that are identified on your directory are on the Accord Buy to Let conveyancing panel?
The law firms on our directory have advised us that they are on the Accord Buy to Let panel and agreed to advise us to take down their listing in the event of removal off of the Accord Buy to Let panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Accord Buy to Let conveyancing panel is incorrect.
I am attempting to get my ex-wife removed the mortgage deeds. Can Accord Buy to Let really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Accord Buy to Let 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 Accord Buy to Let solicitors panel
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Accord Buy to Let conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
How can we tell if a solicitor on the Accord Buy to Let panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your transaction
After shopping around on the internet I have found a solicitor having checked that they are on the Accord Buy to Let conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty of house buying,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 Accord Buy to Let conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Accord Buy to Let will need an independent valuation of the property. Your lawyer will not arrange this. Usually Accord Buy to Let 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 Accord Buy to Let you could contact your them to see if they have a list of approved surveyors.