FAQs : The Accord Mortgages Solicitor Panel from members of the public
For what reasons could a law firm be removed from the Accord Mortgages approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Accord Mortgages
I am due to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Accord Mortgages. What does the insurance need to cover?
Any lawyer on the Accord Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Accord Mortgages’s Part 2 requirements of the CML Handbook (last updated on Accord Mortgages). Being on the Accord Mortgages conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a search directory identifying solicitors on the Accord Mortgages conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Accord Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am trying to get my ex-wife removed the mortgage deeds. Can Accord Mortgages really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Accord Mortgages 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 Mortgages solicitors panel
Is it the case that all conveyancing solicitors on the Accord Mortgages conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
We have a mortgage agreed in principle with Accord Mortgages. Solicitors have been instructed? How long does it take for Accord Mortgages to send the offer to our conveyancer
Some lenders take longer than others. Have Accord Mortgages conducted the survey? Have you advised Accord Mortgages as your lawyers details and checked that your lawyer is on the Accord Mortgages conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Accord Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Accord Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Accord Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
