Accord Buy to Let Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are hoping to buy a 2 bedroom apartment in London with a mortgage from Accord Buy to Let. We like our lawyer but Accord Buy to Let says he's not on their "panel". It seems we have little choice but to instruct one of the Accord Buy to Let panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Accord Buy to Let conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Accord Buy to Let
can you help? My solicitor is informing me me that he has to apply for a Local Authority search as the firm are on the Accord Buy to Let solicitor panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Accord Buy to Let your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Accord Buy to Let’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Accord Buy to Let. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Accord Buy to Let solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Accord Buy to Let mortgage for purchase of a newly converted (under development) with 65 per cent 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 greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Accord Buy to Let conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
For 5 years I had a mortgage with Accord Buy to Let. My uncle retired last week and wants to pay off the mortgage left on the property. After Accord Buy to Let is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Accord Buy to Let conveyancing panel? I do not intend to live at the property once the Accord Buy to Let mortgage is discharged.
You
will need a solicitor but they need not be on the Accord Buy to Let 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.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Accord Buy to Let. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Accord Buy to Let you will need to appoint a solicitor on the Accord Buy to Let conveyancing panel.