FAQs : The LendInvest Conveyancing Panel from members of the public
My financial adviser has says he needs my solicitor’s panel member for the LendInvest conveyancing panel. How do I find this out. I have called my local LendInvest branch but they have not got back to me yet.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the LendInvest panel reference.
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer 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 instructions.
Your search tool is useful but there are many lawyers listed near Hackney on the LendInvest conveyancing panel. Can you recommend a specific firm on the LendInvest approved panel?
We do not recommend specific firms 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My conveyancers in Leeds have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with LendInvest. Is it case that being on the LendInvest conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the LendInvest Conveyancing Panel Terms. It might be worth you contacting LendInvest directly.
I currently have a mortgage with with LendInvest. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform LendInvest?
LendInvest must be informed of your intention in advance of renting your property as this is likely to be a breach of LendInvest’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact LendInvest directly. You need not do this via a LendInvest conveyancing panel solicitor.
Planning on purchasing a house 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 Lender 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
I have instructed a lawyer having checked that they are on the LendInvest conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the LendInvest conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
LendInvest will need an independent valuation of the property. Your lawyer will not arrange this. Usually LendInvest will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with LendInvest you could contact your them to see if they have a list of approved surveyors.