LendInvest Conveyancing Panel Sample Enquires to our Call Center
from members of the public
On what basis would a firm of solicitors be removed from the LendInvest solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by LendInvest
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender LendInvest. Apparently, being on the LendInvest conveyancing panel and acting on their behalf he must inform LendInvest if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with LendInvest to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to LendInvest if you agree, failing which, your lawyer must cease to continue acting.
Are the lawyers identified as being on the LendInvest conveyancing panel, together with their details provided by LendInvest?
The firms themselves provide us confirmation that they are on the LendInvest conveyancing panel as opposed to being supplied with a list from LendInvest directly.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to LendInvest , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then LendInvest will insist on your using a conveyancer on the LendInvest conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your LendInvest conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the LendInvest mortgage is registered as a charge at the Land Registry.
I previously instructed online conveyancers based in Bristol who are on the LendInvest solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the LendInvest mortgage. Is this an additional conveyancing fee set by LendInvest?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by LendInvest but by your lawyers. Some firms on the LendInvest will charge an ‘acting for lender’ fee and others do not.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the LendInvest conveyancing panel requirements are different to LendInvest’s conveyancing panel requirements.
We are are remortgaging a terraced house in Hendon. Conveyancing solicitors in Hendon will soon begiven the go-ahead. My colleaguesuggested that we check that the conveyancer in Hendon is on the LendInvest list of approved conveyancing firms. Surely I don't need to do this, do I?
Not all Hendon conveyancing solicitors are on the LendInvest conveyancing panel. 8 people a month use our search tool to locate a
Hendon conveyancing firm on the on the LendInvest approved list of lawyers.