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Ready to buy a new home? Failing to check that a lawyer is on the AccordBTL list of approved solicitors can put your transaction at risk of delay or failure.
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Examples of recent questions relating to the Accord Buy to Let Solicitor Panel
My husband and I are first time buyers. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Accord Buy to Let have this evening contacted us to advise us that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Accord Buy to Let and see if they can apply for membership of the Accord Buy to Let conveyancing panel, but if that is not viable Accord Buy to Let will instruct their own lawyers to represent them. You don't have to instruct a firm on the Accord Buy to Let conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My solicitor has uncovered an inconsistency between the information in Accord Buy to Let’s home valuation survey and what is in the title deeds. My lawyer has advised that as he is on the Accord Buy to Let conveyancing panel he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
A precondition to being on the Accord Buy to Let approved panel is to comply with the CML Handbook requirements (last updated for this lender on Accord Buy to Let) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I require the services of a Accord Buy to Let panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Accord Buy to Let panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Accord Buy to Let to find out which solicitors in Accord Buy to Let are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I was supposed to move into my flat last Thursday. My lawyer’s firm is on the Accord Buy to Let conveyancing panel but has changed address in the past couple of months and had not advised Accord Buy to Let of their new address. Accord Buy to Let is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Accord Buy to Let branch or your mortgage broker to see if they can assist.
Why might a lender such as Accord Buy to Let withdraw a mortgage offer?
Banks and Building Societies such as Accord Buy to Let can revoke their mortgage offer although this is unusual. should Accord Buy to Let withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Accord Buy to Let may amend or withdraw an offer if the Accord Buy to Let conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Accord Buy to Let may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Accord Buy to Let of a change in security address
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I have a mortgage with Accord Buy to Let. My father has just retired and wants to pay off the mortgage left on the property. After Accord Buy to Let is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Accord Buy to Let conveyancing panel? I do not intend to live at the property once the Accord Buy to Let mortgage is discharged.
You
will need a solicitor but they need not be on the Accord Buy to Let 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.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Accord Buy to Let on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Accord Buy to Let conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Accord Buy to Let. Unless your lawyer obtains specific confirmation in writing that Accord Buy to Let 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 Accord Buy to Let to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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Transfer of Equity for Accord Buy to LetPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors