FAQs : The Accord Mortgages Conveyancing Panel from members of the public
My partner and I are FTBs. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages have this evening contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Accord Mortgages and see if they can apply for membership of the Accord Mortgages conveyancing panel, but if that is not viable Accord Mortgages will instruct their own lawyers to represent them. You don't have to instruct a firm on the Accord Mortgages conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Accord Mortgages will not agree to this. Why was Accord Mortgages even consulted?
Your lawyer being on the Accord Mortgages conveyancing panel is duty bound to inform Accord Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Accord Mortgages then they would have to discontinue acting for you and Accord Mortgages.
Your search tool is useful but there are many lawyers listed near Middlesbrough on the Accord Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Accord Mortgages approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
What happens if my solicitor is suspended from the Accord Mortgages Solicitor panel before the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
is it true that all solicitors on the Accord Mortgages conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Accord Mortgages conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have today made my last payment due on mortgage with Accord Mortgages. I assume I don't need a solicitor on the Accord Mortgages panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Accord Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Accord Mortgages mortgage from the register. Accord Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Accord Mortgages has sent the Land Registry the discharge electronically, and
the Accord Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Accord Mortgages mortgage has been paid off.
The for formalities of my purchase has taken place with a mortgage from Accord Mortgages. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Accord Mortgages. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the Accord Mortgages branches or the Customer Care Team at Accord Mortgages head office. In most cases complaints to Accord Mortgages are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.