Q and A’s regarding the LendInvest Solicitor Panel from members of the public
I instructed a law firm to work on my remortgage 4 weeks ago having applied for a mortgage with LendInvest. The solicitors reassured me that they are on LendInvest conveyancing panel and provided me their panel number. LendInvest then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for LendInvest?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the LendInvest as to the time frame to get your lawyer reinstated on the panel once again.
Expecting to move into my new home next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for LendInvest. What does the insurance need to cover?
Any lawyer on the LendInvest conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in LendInvest’s Part 2 requirements of the CML Handbook (last updated on LendInvest). Being on the LendInvest conveyancing panel your lawyer is expect to follow these requirements.
Are the lawyers identified as being on the LendInvest conveyancing panel, together with their details provided by LendInvest?
The law firm practices themselves provide us confirmation that they are on the LendInvest conveyancing panel as opposed to being supplied with a list from LendInvest directly.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the LendInvest Solicitor panel prior to the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
For 5 years I had a mortgage with LendInvest. My father retired last week and wants to pay off the mortgage left on the property. After LendInvest 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 LendInvest conveyancing panel? I do not intend to live at the property once the LendInvest mortgage is discharged.
You
will need a solicitor but they need not be on the LendInvest conveyancing 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. There's no capital gains tax for you as it is
your main residence.
Planning on purchasing a flat with a mortgage with LendInvest. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the LendInvest conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the LendInvest conveyancing panel
LendInvest 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 LendInvest or your broker and complete any relevant paperwork. LendInvest will tell you what documents they want. LendInvest 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. LendInvest 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.