Investec Solicitor Panel Example Support Desk Enquires from members of the public
I instructed a firm of solicitors to carry out on my house purchase 5 weeks ago having applied for a mortgage with Investec. The firm reassured me that they are on Investec conveyancing panel and gave me their panel reference. Investec then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the approved panel for Investec?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Investec conveyancing panel You may wish to enlist the help of your broker to check with the Investec as to how long they think it will take to get the firm to get back on the panel.
Please assist. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Investec was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor informs me that as she is on the Investec conveyancing panel she needs to redo the searches as they are no longer valid.
A precondition to being on the Investec approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Investec)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Investec.
Whilst your website is a good idea there are many lawyers listed near Leeds on the Investec conveyancing panel. Can you recommend a specific firm on the Investec approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I was expecting to move into my flat two days ago. My lawyer’s firm is on the Investec solicitors panel but has changed address in the past couple of months and had not advised Investec of their new address. Investec has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. Most 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.
I previously instructed online solicitors based in Bristol who are on the Investec solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Investec mortgage. Is this an additional conveyancing fee set 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.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Investec on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Investec conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Investec. Unless your lawyer obtains specific confirmation in writing that Investec will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Investec to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I was told two weeks ago that my mortgage has been agreed
to by Investec. Is it usual for Investec to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Investec to deal with your lawyers application to be on the Investec conveyancing panel. There's no guarantee that your solicitors will be accepted.
