Frequently asked questions relating to the Bank of Cyprus UK Solicitor Panel from members of the public
We are buying a 2 bedroom apartment in Hackney with a mortgage from Bank of Cyprus UK. We like our solicitor but Bank of Cyprus UK says he's not on their "panel". It seems we have little choice but to instruct one of the Bank of Cyprus UK panel solicitors 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 Bank of Cyprus UK use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Bank of Cyprus UK 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 Bank of Cyprus UK
Our solicitor has identified a legal deficiency with the lease for the apartment we are buying. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the Bank of Cyprus UK conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Bank of Cyprus UK?
Just because you have a mortgage offer from Bank of Cyprus UK does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Bank of Cyprus UK are the client. These conveyancing instructions must be adhered to by the Bank of Cyprus UK conveyancing panel who has to balance acting for you and Bank of Cyprus UK
Whilst your website is a good idea there are many lawyers listed near Coventry on the Bank of Cyprus UK conveyancing panel. Can you recommend a specific firm on the Bank of Cyprus UK approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
Can you clarify what the consequences are if my solicitor is removed from the Bank of Cyprus UK Conveyancing panel before the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Bank of Cyprus UK conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I have paid off my mortgage with Bank of Cyprus UK. I assume I don't need a solicitor on the Bank of Cyprus UK panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Bank of Cyprus UK mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Cyprus UK mortgage from the register. Bank of Cyprus UK,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Bank of Cyprus UK has sent the Land Registry the discharge electronically, and
the Bank of Cyprus UK has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Bank of Cyprus UK mortgage has been paid off.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Bank of Cyprus UK?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Bank of Cyprus UK conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Bank of Cyprus UK and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
