Common questions asked concerning the Investec Solicitor Panel from members of the public
My partner and I are novices when it comes to buying a property. Within the 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Investec have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. What do we do from here?
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 Accreditation Scheme. Your solicitors 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 lawyers to represent them. 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 your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My lawyer has spotted an inconsistency between the assumptions in Investec’s home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that as he is on the Investec conveyancing panel he is duty bound to ensure that the bank is with this discrepancy and is still content to lend. Is my solicitor’s stance right?
A precondition to being on the Investec approved panel is to comply with the CML Handbook requirements (last updated for this lender on Investec) 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.
Do banks and building societies 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 am purchasing 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.
The for formalities of my remortgage has taken place with a mortgage from Investec. Conveyancing was of an acceptable standard but I would like to complain about Investec. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the Investec branches or the Customer Services Department at Investec head office. We understand that 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 at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
My ex -wife’s name is on the Investec mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Investec mortgage in order to sell?
In terms of the Investec mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Investec in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Investec?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Investec conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Investec and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.