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Ready to buy a new home? Failing to check that a lawyer is on the LendInvest list of approved solicitors can put your transaction at risk of delay or failure.
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My husband and I are purchasing a 2 bedroom flat in Hackney with a mortgage from LendInvest. We have a solicitor but LendInvest says she’s not on their "panel". It seems we have little choice but to instruct one of the LendInvest panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that LendInvest use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the LendInvest conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for LendInvest
I am buying a brand new flat and my solicitor is advising me that she is duty bound to reveal incentives from the developer as her practice is on the LendInvest conveyancing panel. I am under pressure to exchange contracts and I would rather not prolong the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the LendInvest panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the LendInvest approved panel is to comply with the CML Handbook requirements (last updated for this lender on LendInvest). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the LendInvest conveyancing panel. My lawyer has said that they are on the LendInvest approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the LendInvest conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the LendInvest solicitor panel.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to have the title changed 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.
Can I be sure that the solicitor on the LendInvest panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing
I have had an offer accepted on a apartment I spoke to a lawyer recommended by my dad and he suggested using a property lawyers approved by LendInvest. The estate agent recommended two local firms so I asked LendInvest if the 2 suggested solicitors are approved, which they are not. LendInvest suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of LendInvest 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask LendInvest for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the LendInvest conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto LendInvest conveyancing panel as it may only take about 2-3 weeks. As long as they meet LendInvest’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I can not work out if my mortgage offer requires a lease extension . I have called LendInvest on various occasions and was told they are content with the situation 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.
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