FAQs for the Bank of Cyprus UK Conveyancing Panel from members of the public
The lawyer I had intended to instruct on a remortgage said she will levy higher legal fees if my mortgage is with Bank of Cyprus UK due to their unusual legal requirements. Am I likely to be frustrated using Bank of Cyprus UK? Any comments will be appreciated
Bank of Cyprus UK conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Bank of Cyprus UK conveyancing panel. If they are not, this does add further risk of delay as Bank of Cyprus UK will appoint their own solicitors to look after their interest.
My fiance and I intend to remortgage our apartment with Bank of Cyprus UK. We have a son 18 who lives with us. The solicitor on the Bank of Cyprus UK conveyancing panel requested us to identify 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, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Bank of Cyprus UK conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights 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.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Bank of Cyprus UK conveyancing panel. My lawyer has said that they are on the Bank of Cyprus UK 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 Bank of Cyprus UK 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 Bank of Cyprus UK solicitor panel.
My uncle passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Bank of Cyprus UK , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Bank of Cyprus UK will insist on your using a conveyancer on the Bank of Cyprus UK 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 Bank of Cyprus UK 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 Bank of Cyprus UK mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Bank of Cyprus UK conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives 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 approved list of firms.
Are all conveyancing solicitors on the Bank of Cyprus UK conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Bank of Cyprus UK conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My husband and I are in the throws of viewing apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a home loan with Bank of Cyprus UK
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Bank of Cyprus UK , make sure you remember to check that your lawyer is on the Bank of Cyprus UK conveyancing panel.
