Intelligent Finance Solicitor Panel Sample Enquires to our Call Center from members of the public
What is the rationale as to why all solicitors are not on the Intelligent Finance Conveyancing panel?
Intelligent Finance and other banks tend to restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Intelligent Finance have no responsibility for the quality of advice provided by any member of Intelligent Finance Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Expecting to move into my new home next Thursday. 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 Intelligent Finance. What does the insurance need to cover?
Any lawyer on the Intelligent Finance 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 Intelligent Finance’s Part 2 requirements of the CML Handbook (last updated on Intelligent Finance). Being on the Intelligent Finance conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a search directory listing law firms on the Intelligent Finance conveyancing panel. Do firms pay you a commission if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Intelligent Finance conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My lawyers in Manchester have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Intelligent Finance. Is it case that being on the Intelligent Finance conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Intelligent Finance Conveyancing Panel Terms. It might be worth you contacting Intelligent Finance directly.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Intelligent Finance be concerned
Given that you are obtaining a mortgage with Intelligent Finance your lawyer must to check the Intelligent Finance conveyancing instructions contained in the Part of CML Handbook for Intelligent Finance . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Intelligent Finance where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
My ex -wife’s name is on the Intelligent Finance mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Intelligent Finance mortgage in order to sell?
In terms of the Intelligent Finance mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Intelligent Finance in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
Intelligent Finance have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Intelligent Finance or your broker and complete any relevant paperwork. Intelligent Finance will tell you what documents they want. Intelligent Finance will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Intelligent Finance will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.