Hodge Equity Release Conveyancing Panel : Questions and Answers from members of the public
Is the fact that my solicitor is not isted on the Hodge Equity Release Conveyancing panel that there is a problem with the standard of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Hodge Equity Release.
My partner and I are refinancing our flat with Hodge Equity Release. We have a son 18 who lives with us. The solicitor on the Hodge Equity Release conveyancing panel requested us to identify any adults 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 two questions (1) Is this document specific to the Hodge Equity Release conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Hodge Equity Release conveyancing panel solicitor is doing the right thing 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 Hodge Equity Release .This is solely used to protect the Hodge Equity Release 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 Hodge Equity Release 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.
I have been looking for conveyancing quotes online. Can I be confident that all the firms that are identified on your site are on the Hodge Equity Release conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Hodge Equity Release panel and agreed to advise us to take down their listing in the event of removal off of the Hodge Equity Release panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Hodge Equity Release conveyancing panel is incorrect.
What happens if my solicitor is removed from the Hodge Equity Release Conveyancing panel prior to the completion date?
The first thing to point out is that, 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 for a fee.
I'm in the throws of viewing houses and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with Hodge Equity Release
You should start obtaining conveyancing quotes from solicitors ASAP. 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 Hodge Equity Release , make sure you remember to check that your lawyer is on the Hodge Equity Release conveyancing panel.
The mortgage over my property is with Hodge Equity Release. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Hodge Equity Release?
Hodge Equity Release must be informed of your intention prior to renting your property as this is likely to be a breach of Hodge Equity Release’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Hodge Equity Release directly. It should not be necessary to do this via a Hodge Equity Release conveyancing panel lawyer.
My ex -wife’s name is on the Hodge Equity Release mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Hodge Equity Release mortgage in order to sell?
As regards the Hodge Equity Release mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Hodge Equity Release in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.