Q and A’s regarding the Accord Buy to Let Solicitor Panel from members of the public
I am progressing with the sale of my flat and the EA has just texted me to say that the buyers are switching conveyancer. The reason given is that Accord Buy to Let will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific solicitors?
Banks 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 25 years.
Banks point to the increase in fraud as the reason 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 husband and I are refinancing our maisonette with Accord Buy to Let. We have a son 18 who lives with us. The solicitor on the Accord Buy to Let conveyancing panel requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two 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 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong 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.
Do lenders 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.
We're in Wales, First time buyers purchasing with a mortgage (lender is Accord Buy to Let , but our lawyer is on the Accord Buy to Let conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Accord Buy to Let conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Can I be sure that the solicitor on the Accord Buy to Let panel is any good?
obtaining recommendations is a sensible 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 advocate that you speak with the solicitor handling your conveyancing
For 5 years I had a mortgage with Accord Buy to Let. My uncle has just retired 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.
Although you do need to retain the services of a lawyer they dont
need to be on the Accord Buy to Let 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Accord Buy to Let. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
