Topaz Finance Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and professional indemnity insures. It is a unique risk management tool.

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with alerts on Topaz Finance’s changes. Notwithstanding that utilising the software is not a prerequisite for Topaz Finance , demonstrating you can stay up to date with Topaz Finance’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, safeguard your firm’s panel status.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. It is also user friendly, cost-effective and, for many firms, results in reduced PII premiums.

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Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Topaz Finance are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, Topaz Finance has made 200 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 13.7 days. In total, 36% of the sections of P2 of the UK Finance Lenders’ Handbook for Topaz Finance have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
16.5.3c 08/06/2015 CML
17.1.1 08/06/2015 CML
17.2.1a 08/06/2015 CML
4.5a 08/06/2015 CML
6.11.1 08/06/2015 CML Obstruction of Access Indemnity Insurance
10.2a 01/12/2010 CML
16.3.7a 01/12/2010 CML
16.5.3a 01/12/2010 CML
1.7 01/12/2010 CML
5.10.1 01/12/2010 CML

Last update 08/01/2019

FAQs : The Topaz Finance Conveyancing Panel from members of the public

It has come to my attention via my mortgage broker that my solicitor is not on the Topaz Finance Conveyancing panel. What can I do to be certain that this is indeed the case?
The best course of action for you to take is to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for Topaz Finance.
can you help? My lawyer is assuring me that he has to order a Local Authority search as the firm are on the Topaz Finance conveyancing panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Topaz Finance your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Topaz Finance’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Topaz Finance. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Are the lawyers identified as being on the Topaz Finance conveyancing panel, together with their details provided by Topaz Finance?
The law firm practices themselves provide us confirmation that they are on the Topaz Finance conveyancing panel as opposed to being supplied with a list from Topaz Finance directly.
I was scheduled to move into my flat last Friday. My lawyer’s firm is on the Topaz Finance conveyancing panel but has moved offices in the past couple of months and had not informed Topaz Finance of their new address. Topaz Finance has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Topaz Finance branch or your mortgage broker to see if they can help.
I previously instructed online solicitors located in Manchester who are on the Topaz Finance solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Topaz Finance mortgage. Is this an additional conveyancing fee specified by Topaz Finance?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Topaz Finance but by your lawyers. Some firms on the Topaz Finance will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Topaz Finance conveyancing panel requirements are different to Topaz Finance’s conveyancing panel requirements.
Topaz Finance have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Topaz Finance or your broker and complete any relevant paperwork. Topaz Finance will tell you what documents they want. Topaz Finance will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Topaz Finance will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.