Q and A’s regarding the Investec Solicitor Panel from members of the public
I am selling my maisonette and the estate agent has just called to warn that the buyers are switching solicitor. I am told that this is due to the fact that Investec will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with certain lawyers?
Lenders have always had panels 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 more than 15 years.
Lenders blame a rise 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.
Our solicitor has discovered a problem with the lease for the flat we are buying. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Investec conveyancing panel he must check 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 have to be complied with by the Investec conveyancing panel who has to balance acting for you and Investec
Your search tool is useful but there are many lawyers listed near Hackney on the Investec conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Investec approved panel?
We are not in the business of recommending one firm above another 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The solicitors that I recently instructed on my house acquisition in London has suddenly shut down. I chose them because I had to have a solicitor on the Investec conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would 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 should be in a position to assist
I have a mortgage with Investec. My uncle retired last week and wants to pay off the mortgage left on the property. 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I was told two weeks ago that my mortgage has been agreed
to by Investec. Is it usual for Investec to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Investec to deal with your lawyers application to be on the Investec conveyancing panel. There's no guarantee that your solicitors will be accepted.
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.