Examples of recent questions relating to the Bank of Cyprus UK Solicitor Panel from members of the public
My husband and I are purchasing a 3 bedroom flat in Newcastle with a mortgage from Bank of Cyprus UK. We like our lawyer 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. We feel as though this is unjust; 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
My partner and I are refinancing our maisonette with Bank of Cyprus UK. We have a son approaching twenty who lives with us. The solicitor on the Bank of Cyprus UK conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Bank of Cyprus UK conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bank of Cyprus UK .This is solely used to protect the Bank of Cyprus UK if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bank of Cyprus UK had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to pop into the offices of the Bank of Cyprus UK conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Newcastle
so that I can attend their offices if necessary.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
.
I am buying a right to buy flat and getting a mortgage with Bank of Cyprus UK. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Bank of Cyprus UK 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 Bank of Cyprus UK conveyancing panel in your location.
When it comes to lenders such as Bank of Cyprus UK 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.
I have not been happy with the level or service received from my lawyer. Is there a Bank of Cyprus UK conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Bank of Cyprus UK. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
It is not clear whether my mortgage offer requires a lease extension . I have called Bank of Cyprus UK on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Bank of Cyprus UK 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
Your lawyer has to follow the CML Handbook Part 2 requirements for Bank of Cyprus UK. Unless your lawyer obtains specific confirmation in writing that Bank of Cyprus UK 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 Bank of Cyprus UK to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
