Common questions asked concerning the Investec Solicitor Panel
from members of the public
A lawyer my husband and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my mortgage is with Investec because of their unusual legal requirements. Will I regret using Investec? Is Investec conveyancing so much more difficult?
Investec conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Investec conveyancing panel. If they are not, this does add further risk of delay as Investec will appoint their own solicitors to look after their interest.
Our lawyer has identified a problem with the lease for the property we are buying. The other side have suggested defective title insurance as a workaround. 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?
Just because you have a mortgage offer from Investec does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Investec are the client. The appropriate lender requirements must be adhered to by the Investec conveyancing panel who has to balance acting for you and Investec
Is it necessary during the course of the conveyancing process to visit the offices of the Investec conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
The solicitors that just started acting on my house acquisition in Newcastle has suddenly closed. I only went with them because I needed a lawyer on the Investec conveyancing panel and my previous lawyer was not. I paid them £200 on account. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Investec conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
I'm in the throws of viewing houses and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Investec
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Investec , ask your prospective lawyers check they are on the Investec conveyancing panel otherwise they can't do the mortgage legal work.
Investec have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Investec or your broker and complete any relevant paperwork. Investec will tell you what documents they want. Investec will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Investec will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
Next month my fiance and I are taking a long lease of a terraced house in Hendon. Conveyancing solicitors in Hendon need to beappointed. My brother-in-lawadvised that we make sure that the conveyancer in Hendon is on the Investec list of approved conveyancing firms. Surely I don't need to do this, do I?
A limited percentage of Hendon conveyancing practices are on the Investec conveyancing panel. 7 people a month use our search tool to locate a
Hendon conveyancing firm on the on the Investec solicitors pane.