Landbay Partners Conveyancing Panel : Questions and Answers from members of the public
I am selling my maisonette and the EA has just texted me to say that the buyers are switching conveyancer. The reason given is that Landbay Partners will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors?
Lenders have always had an approved set 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 decades.
Banks point to the increase 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 hearing daily from firms 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.
My son-in-law is in the process of securing a new build apartment with a home loan from Landbay Partners. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Landbay Partners conveyancing panel as a standard part of the process, and to the valuer when asked.
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 Landbay Partners 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 Landbay Partners conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Landbay Partners conveyancing panel as opposed to being supplied with a list from Landbay Partners directly.
I am purchasing a semi-detached house and getting a mortgage with Landbay Partners. 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 Landbay Partners 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 Landbay Partners conveyancing panel in your location.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Landbay Partners conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
We have a mortgage agreed in principle with Landbay Partners. Solicitors have been chosen? How long does it take for Landbay Partners to send the offer to our conveyancer
Some lenders take longer than others. Have Landbay Partners done the survey? Have you advised Landbay Partners as your lawyers details and checked that your lawyer is on the Landbay Partners conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Landbay Partners. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Landbay Partners involved you will need to appoint a solicitor on the Landbay Partners conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Landbay Partners. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Landbay Partners conveyancing panel.