Frequently asked questions relating to the Intelligent Finance Solicitor Panel from members of the public
I instructed a law firm to work on my remortgage 5 weeks ago having applied for a mortgage with Intelligent Finance. The law firm reassured me that they are on Intelligent Finance conveyancing panel and advised me their panel number. Intelligent Finance then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for Intelligent Finance?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Intelligent Finance conveyancing panel You may wish to enlist the help of your broker to check with the Intelligent Finance as to the time frame to get your lawyer reinstated on the panel once again.
Our property lawyer has requested from me ID documents asserting that this forms part of his retainer as a solicitor on the Intelligent Finance Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Intelligent Finance also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Intelligent Finance CML Handbook requirements last updated on Intelligent Finance
I require the services of a Intelligent Finance panel solicitor in Stirling. Can you assist?
Unfortunately it’s not apparent why you need a Intelligent Finance panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Intelligent Finance to find out which solicitors in Intelligent Finance 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
We're in Liverpool, First time buyers buying with a mortgage (lender is Intelligent Finance , but our lawyer is on the Intelligent Finance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Intelligent Finance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Intelligent Finance. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Intelligent Finance involved you will need to appoint a solicitor on the Intelligent Finance conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Intelligent Finance. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Intelligent Finance conveyancing panel.
My existing mortgage is with Intelligent Finance. My godfather has just retired and wants to pay off the mortgage left on the property. After Intelligent Finance is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Intelligent Finance conveyancing panel? I do not intend to live at the property once the Intelligent Finance mortgage is discharged.
You
will need a solicitor but they need not be on the Intelligent Finance conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Intelligent Finance on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Intelligent Finance conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Intelligent Finance. Unless your lawyer obtains specific confirmation in writing that Intelligent Finance 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 Intelligent Finance to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.