Examples of recent questions relating to the Cynergy Bank Solicitor Panel from members of the public
I am selling my flat and the estate agent has just telephoned to say that the buyers are swapping conveyancer. The reason given is that Cynergy Bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only work with certain law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My lawyer has uncovered a discrepancy when comparing the surveyor’s assumptions in Cynergy Bank’s home valuation survey and what is in the conveyancing documents. My solicitor informs me that as he is on the Cynergy Bank conveyancing panel he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
A precondition to being on the Cynergy Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cynergy Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I require the services of a Cynergy Bank panel solicitor in Belfast. Could you help me?
Unfortunately it’s not apparent why you need a Cynergy Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Cynergy Bank to find out which solicitors in Cynergy Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am purchasing a new build flat and getting a mortgage with Cynergy Bank. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Cynergy Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Cynergy Bank conveyancing panel in your location.
Is it common for Cynergy Bank to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Cynergy Bank can withdraw their mortgage offer although this rarely happens. should Cynergy Bank 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 number of examples:
- Where information comes to Cynergy Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Cynergy Bank may amend or withdraw an offer if the Cynergy Bank 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
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender has to take account a recent change in taxation
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Cynergy Bank on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Cynergy Bank 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 Cynergy Bank panel she or he must comply with the CML Handbook requirements for Cynergy Bank. Unless your lawyer obtains specific confirmation in writing that Cynergy Bank 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 Cynergy Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I have instructed a lawyer having made sure that they are on the Cynergy Bank conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Cynergy Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Cynergy Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Cynergy Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Cynergy Bank you could contact your them to see if they have a list of approved surveyors.