Topaz Finance Solicitor Panel Recently Asked Questions from members of the public
My fiance and I are hoping to buy a 3 bedroom flat in Newcastle with a mortgage from Topaz Finance. We like our solicitor but Topaz Finance says she’s not on their "panel". We have to appoint one of the Topaz Finance panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; 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 Topaz Finance 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 Topaz Finance
Please assist. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Topaz Finance was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor informs me that as she is on the Topaz Finance conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Topaz Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Topaz Finance)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Topaz Finance.
I note that you have a search directory listing solicitors on the Topaz Finance conveyancing panel. Do firms pay you a referral fee if I retain them for my own 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.
I am in the process of remortgaging my house does my lawyer have to be on the Topaz Finance Solicitor panel?
In theory, you could use a solicitor that is not on Topaz Finance conveyancing panel, but Topaz Finance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
When it comes to mortgage companies such as Topaz Finance do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Topaz Finance be concerned
As your lender is Topaz Finance your lawyer must to check the Topaz Finance conveyancing instructions contained in the Part of CML Handbook for Topaz Finance . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Topaz Finance where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Topaz Finance on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Topaz Finance conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Topaz Finance. Unless your lawyer obtains specific confirmation in writing that Topaz Finance will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Topaz Finance to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.