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Ready to buy a new home? Failing to check that a lawyer is on the Intelligent Finance list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Intelligent Finance Conveyancing Panel? How can my firm be reinstated onto the Intelligent Finance Conveyancing Panel?Find an Approved Solicitor on the Intelligent Finance Conveyancing Panel
FAQs : The Intelligent Finance Solicitor Panel
For what reasons could a law firm be excluded from the Intelligent Finance solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- Low volume 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 Intelligent Finance
Much to my surprise my lawyer is asking me for identification documents stating that this forms part of his retainer as a conveyancer on the Intelligent Finance Conveyancing panel. Is this right?
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 Intelligent Finance 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 Intelligent Finance CML Handbook requirements last updated on Intelligent Finance
Do I need to visit the offices of the Intelligent Finance conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Liverpool
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Intelligent Finance undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My lawyers in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Intelligent Finance. Is it case that being on the Intelligent Finance conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Intelligent Finance Conveyancing Panel Terms. It might be worth you contacting Intelligent Finance directly.
Is it the case that all conveyancing solicitors on the Intelligent Finance conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
For 5 years I had a mortgage with Intelligent Finance. My uncle has just retired and wants to pay off the mortgage left on the property. After Intelligent Finance is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Intelligent Finance conveyancing panel? I do not intend to live at the property once the Intelligent Finance mortgage is discharged.
You
will need a solicitor but they need not be on the Intelligent Finance 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Intelligent Finance are being problematic. The solicitor who is on the Intelligent Finance conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Intelligent Finance are insisting on a building regulation certificate. Why do Intelligent Finance have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Intelligent Finance have referred the matter to their valuer. The reason why Intelligent Finance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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Transfer of Equity for Intelligent FinancePlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors