Investec Conveyancing Panel Sample Enquires to our Call Center from members of the public
My husband and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Investec have this morning contacted us to inform me that there is now an issue as our solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance 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 Investec and see if they can apply for membership of the Investec conveyancing panel, but if that is not viable Investec will instruct their own solicitors to act. You don't have to instruct a firm on the Investec conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our lawyer has discovered a defect with the lease for the apartment we are buying. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the Investec conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Investec?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Investec are the client. A precondition to being on the Investec approved panel is to comply with the CML Handbook requirements (last updated for this lender on Investec). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Investec can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Investec conveyancing panel?
The firms themselves provide us confirmation that they are on the Investec conveyancing panel as opposed to being supplied with a list from Investec directly.
I was expecting to complete on my first house last Friday. My solicitor is on the Investec solicitors panel but has moved offices 8 weeks ago and had not advised Investec of their new address. Investec is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Investec branch or your mortgage broker to see if they can assist.
When it comes to mortgage companies such as Investec do lawyers have to be pay a fee to be on the conveyancing panel?
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.
I previously instructed online conveyancers located in London who are on the Investec solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Investec mortgage. Is this an additional conveyancing fee specified by Investec?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Investec but by your lawyers. Some firms on the Investec will charge an ‘acting for lender’ fee and others do not.
I am selling my flat. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Investec are being pedantic. The solicitor who is on the Investec conveyancing panel is recommending indemnity insurance as a solution but Investec are requiring a building regulation certificate. Why do Investec have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Investec have referred the matter to their valuer. The reason why Investec may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.