Intelligent Finance Conveyancing Panel : Questions and Answers from members of the public
My husband and I are purchasing a 3 bedroom flat in London with a mortgage from Intelligent Finance. We like our lawyer but Intelligent Finance says he's not on their "panel". We have to appoint one of the Intelligent Finance panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Intelligent Finance use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Intelligent Finance conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Intelligent Finance
My conveyancer has uncovered a discrepancy when comparing the information in Intelligent Finance’s valuation report and what is in the title deeds. My solicitor says that as he is on the Intelligent Finance conveyancing panel he is duty bound to ensure that the lender is happy with this discrepancy and is content go ahead. Is my solicitor’s course or action appropriate?
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 you.
I am looking to buy a house and require a conveyancing solicitor in Manchester who is on the Intelligent Finance solicitor. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Intelligent Finance . We don’t recommend any particular firm.
I am thinking of refinancing my property does my lawyer need to be on the Intelligent Finance Solicitor panel?
In theory, you could use a solicitor that is not on Intelligent Finance conveyancing panel, but Intelligent Finance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Intelligent Finance. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
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.
What are the common reasons for a lender such as Intelligent Finance to withdraw a mortgage offer?
Banks and Building Societies such as Intelligent Finance can withdraw 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 various possible reasons but here are 5 examples:
- If the borrower informs Intelligent Finance of a change in security address
- If the borrower informs Intelligent Finance of a change in the loan amount agreed
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
I recently had an offer accepted on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Intelligent Finance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Intelligent Finance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.