Frequently asked questions relating to the Accord Buy to Let Conveyancing Panel from members of the public
What is the rationale as to why all solicitors are not on the Accord Buy to Let Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Accord Buy to Let was issued random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor has advised that as she is on the Accord Buy to Let conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Accord Buy to Let approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Accord Buy to Let)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 Accord Buy to Let.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Accord Buy to Let conveyancing panel?
The firms themselves provide us confirmation that they are on the Accord Buy to Let conveyancing panel as opposed to being supplied with a list from Accord Buy to Let directly.
I would like to get my former partner removed the mortgage deeds. Can Accord Buy to Let really insist on which solicitor I can or can not use?
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
My wife and I have arranged a further advance on our mortgage from Accord Buy to Let as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Accord Buy to Let conveyancing panel to deal with the paperwork?
Accord Buy to Let do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Accord Buy to Let list
What are the common reasons for a lender such as Accord Buy to Let to withdraw a mortgage offer?
Lenders such as Accord Buy to Let can withdraw their mortgage offer although this is unusual. should Accord Buy to Let withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Accord Buy to Let conveyancing panel solicitors would be obliged to notify Accord Buy to Let of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
The for formalities of my purchase has taken place with a loan from Accord Buy to Let. Conveyancing was a necessary evil but I would like to complain about Accord Buy to Let. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the Accord Buy to Let branches or the Customer Services Team at Accord Buy to Let head office. We understand that complaints to Accord Buy to Let are resolved very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.