Accord Mortgages Conveyancing Panel : Questions and Answers from members of the public
My husband and I are buying a 1 bedroom apartment in London with a mortgage from Accord Mortgages. We have a solicitor 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; is there anything we can do?
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 solicitors to apply to be on the conveyancing panel for Accord Mortgages
I am purchasing a brand new apartment and my conveyancer is advising me that she is duty bound to disclose incentives from the seller as her practice is on the Accord Mortgages conveyancing panel. I am on a tight deadline to sign contracts and I would rather not prolong the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Accord Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Accord Mortgages). 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 am purchasing a flat and require a conveyancing solicitor in London who is on the Accord Mortgages approved. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Accord Mortgages . We don’t recommend any particular firm.
The solicitors that just started acting on my purchase in London has suddenly shut down. I only went with them because I had to have a firm on the Accord Mortgages conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Accord Mortgages conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
I am buying a property where the roof has a solar panel. Accord Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Accord Mortgages your lawyer must to check the Accord Mortgages conveyancing instructions contained in the Part of CML Handbook for Accord Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Accord Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
We have agreed a price on a flat I spoke to a conveyancer previously used by my brother and he advised instructing 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 suggested that either firm 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 to suggest a law firm in your location. 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.
I currently have a mortgage with with Accord Mortgages. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Accord Mortgages?
Your original mortgage agreement with Accord Mortgages will provide that you need their approval before letting out your property as this is likely to be a breach of Accord Mortgages’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Accord Mortgages directly. It should not be necessary to do this via a Accord Mortgages conveyancing panel solicitor.
