FAQs for the Cynergy Bank Solicitor Panel from members of the public
What is the rationale as to why all property lawyers are not on the Cynergy Bank Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
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 Cynergy Bank will not agree to this. Why was Cynergy Bank even consulted?
Your lawyer being on the Cynergy Bank conveyancing panel is duty bound to inform Cynergy Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Cynergy Bank then they would have to discontinue acting for you and Cynergy Bank.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Cynergy Bank conveyancing panel. My lawyer has said that they are on the Cynergy Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Cynergy Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Cynergy Bank solicitor panel.
The lawyers that just started acting on my house acquisition in London has suddenly closed. I only went with them because I had to have a lawyer on the Cynergy Bank conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. 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 Cynergy Bank 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 solicitors should be in a position to help
My husband and I are spending time viewing apartments and am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Cynergy Bank
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Cynergy Bank , make sure you remember to check that your lawyer is on the Cynergy Bank conveyancing panel.
The for formalities of my remortgage has taken place with a mortgage from Cynergy Bank. Conveyancing was a necessary evil but I would like to complain about Cynergy Bank. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the Cynergy Bank branches or the Customer Services Department at Cynergy Bank head office. We understand that complaints to Cynergy Bank are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
My offer on house has been accepted, but there is a chain. 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 should be my next step? At what point should I appy for the mortgage with Cynergy Bank?
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 Cynergy Bank 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 Cynergy Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.