Common questions asked concerning the Intelligent Finance Conveyancing Panel from members of the public
My partner and I are FTBs. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Intelligent Finance have this morning contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit 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 Quality Scheme. Your property lawyers should contact Intelligent Finance and see if they can apply for membership of the Intelligent Finance conveyancing panel, but if that is not viable Intelligent Finance will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Intelligent Finance conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My conveyancer has spotted a difference when comparing the surveyor’s assumptions in Intelligent Finance’s valuation report and what is in the legal papers for the property. My lawyer informs me that as he is on the Intelligent Finance conveyancing panel he is obliged to ensure that the bank is with this discrepancy and is content go ahead. Is my conveyancer’s course or action legitimate?
A precondition to being on the Intelligent Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Intelligent Finance) 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 both parties.
I require the services of a Intelligent Finance panel solicitor in Inverness. Could you help me?
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
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Intelligent Finance , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Intelligent Finance will insist on your using a conveyancer on the Intelligent Finance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Intelligent Finance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Intelligent Finance mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Intelligent Finance conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Are all solicitor firms on the Intelligent Finance conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Intelligent Finance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. 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 a mortgage with Intelligent Finance. My godfather has just retired and wants to pay off my mortgage. 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.
