FAQs for the Intelligent Finance Conveyancing Panel from members of the public
I was advised recently by my mortgage adviser that my solicitor is not on the Intelligent Finance Conveyancing panel. What can I do to check?
The best course of action for you to take is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the the approved Intelligent Finance solicitor panel.
Our conveyancer is asking me for identification documents asserting that this is part of his requirements as a conveyancer on the Intelligent Finance Solicitor 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 Terms and Conditions 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
Are the lawyers identified as being on the Intelligent Finance conveyancing panel, together with their details provided by Intelligent Finance?
The firms themselves provide us confirmation that they are on the Intelligent Finance conveyancing panel as opposed to being supplied with a list from Intelligent Finance directly.
I am purchasing a right to buy flat and getting a mortgage with Intelligent Finance. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Intelligent Finance 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 Intelligent Finance conveyancing panel in your location.
When it comes to mortgage companies such as Intelligent Finance do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Why might a lender such as Intelligent Finance withdraw a mortgage offer?
Lenders such as Intelligent Finance can revoke their mortgage offer although this rarely happens. In the unlikely event that Intelligent Finance withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Intelligent Finance may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Intelligent Finance has been notified
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Intelligent Finance conveyancing panel solicitors would be obliged to notify Intelligent Finance of a change in the price of the property.
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
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.