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I was advised recently by my mortgage adviser that my solicitor is not on the LendInvest Conveyancing panel. What can I do to check?
The best course of action for you to take is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the the approved LendInvest solicitor panel.
Our conveyancer is asking me for identification documents asserting that this is part of his requirements as a conveyancer on the LendInvest Solicitor panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that LendInvest also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with LendInvest CML Handbook requirements last updated on LendInvest
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the LendInvest conveyancing panel?
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.
I am purchasing a right to buy flat and getting a mortgage with LendInvest. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the LendInvest conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the LendInvest conveyancing panel in your location.
When it comes to mortgage companies such as LendInvest do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
What are the common reasons for a lender such as LendInvest to withdraw a mortgage offer?
Lenders such as LendInvest can revoke their mortgage offer although this rarely happens. In the unlikely event that LendInvest 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 number of examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. LendInvest 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 financial circumstances of the borrower have changed to the detriment and the LendInvest has been notified
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that LendInvest conveyancing panel solicitors would be obliged to notify LendInvest of a change in the price of the property.
- 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;
LendInvest have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up LendInvest or your broker and complete any relevant paperwork. LendInvest will tell you what documents they want. LendInvest will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. LendInvest will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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