Common questions asked concerning the Topaz Finance Conveyancing Panel from members of the public
What is the rationale as to why all property lawyers aren't included on the Topaz Finance Solicitor panel?
Even though it may seem unfair for Topaz Finance to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Topaz Finance have restricted their conveyancing panel to a size that they are happy to control. The Topaz Finance solicitor panel is not the most exclusive of all lenders
My partner and I changing mortgage lender for our penthouse with Topaz Finance. We have a son 18 who lives with us. The solicitor on the Topaz Finance conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Topaz Finance conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Topaz Finance 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 Topaz Finance .This is solely used to protect the Topaz Finance 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 Topaz Finance 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 see that you have a search directory identifying law firms on the Topaz Finance conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Topaz Finance conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My uncle passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Topaz Finance , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Topaz Finance will insist on your using a conveyancer on the Topaz Finance 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 Topaz Finance 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 Topaz Finance mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing solicitors on the Topaz Finance conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Topaz Finance. 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 Topaz Finance you will need to appoint a solicitor on the Topaz Finance conveyancing panel.
My ex -wife’s name is on the Topaz Finance 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 Topaz Finance mortgage in order to sell?
As regards the Topaz Finance 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 Topaz Finance 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.