Frequently asked questions relating to the Hodge Equity Release Conveyancing Panel from members of the public
My fiance and I are buying a 1 bedroom flat in Newcastle with a mortgage from Hodge Equity Release. We like our solicitor but Hodge Equity Release says she’s not on their "panel". We have to appoint one of the Hodge Equity Release panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Hodge Equity Release 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Hodge Equity Release
Expecting to complete my purchase next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Hodge Equity Release. What risks do Hodge Equity Release expect the insurance to cover?
Any lawyer on the Hodge Equity Release conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Hodge Equity Release’s Part 2 requirements of the CML Handbook (last updated on Hodge Equity Release). Being on the Hodge Equity Release conveyancing panel your lawyer is expect to follow these instructions.
How up to date is your database of lawyers on the Hodge Equity Release conveyancing panel? Do Hodge Equity Release send you an updated list?
The firms themselves provide us confirmation that they are on the Hodge Equity Release conveyancing panel as opposed to being supplied with a list from Hodge Equity Release directly.
My grandmother passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Hodge Equity Release , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Hodge Equity Release will insist on your using a conveyancer on the Hodge Equity Release 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 Hodge Equity Release 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 Hodge Equity Release mortgage is registered as a charge at the Land Registry.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Hodge Equity Release. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Hodge Equity Release you will need to appoint a solicitor on the Hodge Equity Release conveyancing panel.
After much negotiation I have agreed a price on an apartment. My financial adviser suggested a solicitor I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Hodge Equity Release conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Hodge Equity Release panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Sometime soon me and my wife are buying a house in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My colleaguerecommended that we make sure that the solicitor in Hendon is on the Hodge Equity Release approved list of lawyers. Aren't all lawyers on the Hodge Equity Release panel?
It is not that case that all Hendon conveyancing solicitors are on the Hodge Equity Release conveyancing panel. 5 people a month use our search tool to search for a Hendon conveyancing solicitor on the on the Hodge Equity Release list of approved conveyancing firms.