Common questions asked concerning the Accord Mortgages Conveyancing Panel from members of the public
My fiance and I are hoping to buy a 2 bedroom apartment in Hackney with a mortgage from Accord Mortgages. We have a lawyer but Accord Mortgages says she’s not on their "panel". We have to appoint one of the Accord Mortgages panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Accord Mortgages use our lawyer?
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 Mortgages 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 Mortgages
Please help. My lawyer is assuring me that she is duty-bound to conduct a Local Authority search because the firm are on the Accord Mortgages approved lawyer panel. Is my lawyer correct?
You have limited options available to you. As you are taking a mortgage with Accord Mortgages 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 Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Accord Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Are the lawyers identified as being on the Accord Mortgages conveyancing panel, together with their details provided by Accord Mortgages?
The firms themselves provide us confirmation that they are on the Accord Mortgages conveyancing panel as opposed to being supplied with a list from Accord Mortgages directly.
We're in Birmingham, First timers buying with a mortgage (lender is Accord Mortgages , but our lawyer is on the Accord Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Accord Mortgages 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
What are the common reasons for a lender such as Accord Mortgages to withdraw a mortgage offer?
Lenders such as Accord Mortgages can withdraw their mortgage offer although this rarely happens. In the unlikely event that Accord Mortgages withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Accord Mortgages may amend or withdraw an offer if the Accord Mortgages conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Accord Mortgages may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- 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;
My brother and I have agreed a price on a apartment I spoke to a conveyancer recommended by my brother and he recommended retaining a law firm approved by Accord Mortgages. The estate agent recommended two local firms so I asked Accord Mortgages if the 2 suggested solicitors are approved, which they are not. Accord Mortgages pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Accord Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Accord Mortgages for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Accord Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Accord Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Accord Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Accord Mortgages on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Accord Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Accord Mortgages panel she or he must comply with the CML Handbook requirements for Accord Mortgages. Unless your lawyer obtains specific confirmation in writing that Accord Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Accord Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.