Examples of recent questions relating to the Investec Conveyancing Panel from members of the public
I am selling my house and the estate agent has just called to say that the purchasers are changing their conveyancer. The reason given is that Investec will only work with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My conveyancing solicitor has requested from me personal identification documents stating that this forms part of his requirements as a solicitor on the Investec 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 Investec 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 Investec CML Handbook requirements last updated on Investec
Your search tool is useful but there are many lawyers listed near Coventry on the Investec conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Investec ?
We do not recommend specific firms 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
We're in London, FTBs purchasing with a mortgage (lender is Investec , but our solicitor is on the Investec conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Investec conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is there a list of Investec panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I have a mortgage with Investec. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Investec?
Investec must be informed of your intention prior to renting your property as this is likely to be a breach of Investec’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Investec directly. You need not do this via a Investec conveyancing panel solicitor.
The for formalities of my remortgage has taken place with a loan from Investec. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Investec. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Investec branches or the Customer Care Department at Investec head office. Ordinarily complaints to Investec are sorted out effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service with full details of your complaint.