Common questions asked concerning the LendInvest Conveyancing Panel from members of the public
I am selling my flat and the EA has just telephoned to warn that the buyers are changing their law firm. The excuse is that LendInvest will only engage with solicitors on their approved list. On what basis would a big named lender only work with certain solicitors?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company LendInvest will not agree to this. Why was LendInvest even consulted?
Your lawyer being on the LendInvest conveyancing panel is duty bound to inform LendInvest of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to LendInvest then they would have to discontinue acting for you and LendInvest.
I am purchasing a flat and need a conveyancing solicitor in Birmingham who is on the LendInvest conveyancing. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for LendInvest . We don’t recommend any particular firm.
We're in Wales, FTBs purchasing with a mortgage (lender is LendInvest , but our lawyer is on the LendInvest conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the LendInvest conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
We have a mortgage agreed in principle with LendInvest. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from LendInvest?
There is no definitive answer here. Have LendInvest completed the valuation? Have you advised LendInvest as your lawyers details and checked that your lawyer is on the LendInvest conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I am currently in the process of buying my council flat. I have a mortgage offer with LendInvest. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with LendInvest you will need to appoint a solicitor on the LendInvest conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch LendInvest on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the LendInvest conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the LendInvest panel she or he must comply with the CML Handbook requirements for LendInvest. Unless your lawyer obtains specific confirmation in writing that LendInvest will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask LendInvest to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
