Frequently asked questions relating to the Accord Buy to Let Conveyancing Panel from members of the public
I appointed a solicitor to conveyancing on my remortgage three weeks ago having applied for a mortgage with Accord Buy to Let. The law firm assured me that they are on Accord Buy to Let conveyancing panel and gave me their panel reference. Accord Buy to Let then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Accord Buy to Let?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Accord Buy to Let as to how long they think it will take to get the firm to get back on the panel.
I am buying a newly constructed duplex and my lawyer is telling me that she has to disclose incentives from the developer as her practice is on the Accord Buy to Let conveyancing panel. I am under pressure to sign contracts and I dont want to prolong the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the Accord Buy to Let panel?
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 have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Accord Buy to Let conveyancing panel. My lawyer has said that they are on the Accord Buy to Let approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Accord Buy to Let conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Accord Buy to Let solicitor panel.
We're in Birmingham, First timers 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
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.
Why might a lender such as Accord Buy to Let withdraw a mortgage offer?
Banks and Building Societies such as Accord Buy to Let can withdraw their mortgage offer although this rarely happens. In the unlikely event that Accord Buy to Let withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a few examples:
- If the borrower informs Accord Buy to Let of a change in security address
- If the borrower informs Accord Buy to Let of a change in the loan amount agreed
- 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.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
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 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.