FAQs for the Investec Conveyancing Panel from members of the public
My fiance and I are hoping to buy a 3 bedroom flat in Newcastle with a mortgage from Investec. We would like to retain our solicitor but Investec says he's not on their "panel". We have to appoint one of the Investec panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Investec conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Investec
Our son is about to exchange on a house that has just been built with a mortgage from Investec. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Investec conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Investec conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lenders 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 was due to complete on my first house last Friday. My lawyer’s firm is on the Investec solicitors panel but has changed address in the past couple of months and had not advised Investec of their new address. Investec is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Investec branch or your mortgage broker to see if they can help.
My husband and I are in the throws of viewing apartments and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a home loan with Investec
You should start obtaining conveyancing quotes from solicitors ASAP. 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 , make sure you remember to check that your lawyer is on the Investec conveyancing panel.
After much negotiation I have agreed a price on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Investec conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Investec panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three 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 a mortgage 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.
