Frequently asked questions relating to the Investec Solicitor Panel
from members of the public
I appointed a law firm to conduct the legal paperwork on my remortgage three weeks ago having applied for a mortgage with Investec. The firm confirmed to me that they are on Investec conveyancing panel and gave me their panel number. Investec then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor currently on the conveyancing 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 the time frame to get your lawyer reinstated on the panel once again.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Investec. What does the insurance need to cover?
Any lawyer on the Investec conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Investec’s Part 2 requirements of the CML Handbook (last updated on Investec). Being on the Investec conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a post code search directory listing firms on the Investec conveyancing panel. Do firms pay you a referral fee if I appoint them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Investec conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am buying a garden flat and getting a mortgage with Investec. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Investec 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 Investec conveyancing panel in your location.
Are all Conveyancing Quality Solicitors on the Investec conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Do conveyancing lawyers on the Investec conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
My existing mortgage is with Investec. My father retired last week and wants to pay off my mortgage. After Investec is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Investec conveyancing panel? I do not intend to live at the property once the Investec mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Investec 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.