Q and A’s regarding the Accord Buy to Let Conveyancing Panel from members of the public
I am selling my flat and the estate agent has just called to advise that the buyers are switching law firm. The excuse is that Accord Buy to Let will only deal with property lawyers on their approved list. Why would a major mortgage company only work with certain lawyers?
UK 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase 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 buying a brand new flat and my solicitor is advising me that she has to disclose incentives from the developer as her firm is on the Accord Buy to Let conveyancing panel. I am nearing the developer’s deadline to sign contracts and I have no desire to delay the conveyancing. Is my lawyer right?
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.
I see that you have a post code search directory identifying solicitors on the Accord Buy to Let conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Accord Buy to Let conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am attempting 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
When it comes to mortgage companies such as Accord Buy to Let do lawyers have to be pay a fee to be on the list of approved solicitors?
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.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Accord Buy to Let conveyancing panel requirements are different to Accord Buy to Let’s conveyancing panel requirements.
Two weeks ago we had a mortgage agreed in principle with Accord Buy to Let. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Accord Buy to Let?
There is no definitive answer here. Have Accord Buy to Let conducted the survey? Have you advised Accord Buy to Let as your lawyers details and checked that your lawyer is on the Accord Buy to Let conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
