Investec Conveyancing Panel : Questions and Answers
from members of the public
For what reasons could a law firm be excluded from the Investec solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Investec
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Investec was issued random date and we have agreed a date for me to move into the property on 6. My lawyer informs me that as she is on the Investec conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
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 states 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.
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 thinking of mortgaging my property does my lawyer need to be on the Investec Conveyancing panel?
There is nothing to stop you using your solicitor but Investec will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as Investec do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the solicitor on the Investec panel is any good?
seeking recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing
Last month we had a mortgage agreed in principle with Investec. Solicitors have been appointed? How long does it take for Investec to send the offer to our conveyancer
There is no definitive answer here. Have Investec conducted the valuation? Have you advised Investec as your lawyers details and checked that your lawyer is on the Investec conveyancing panel? It is not unusual for a mortgage offer to take a month to come through