Topaz Finance Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. It is a unique risk management tool.

This software assists the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with notifications given on Topaz Finance’s changes. Notwithstanding that using COMPLETIONmonitor is not a prerequisite for Topaz Finance , demonstrating you can remain up to date with Topaz Finance’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, protect your panel standing.

The system generates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for many firms, results in a PII saving.

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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, over time:

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.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
14.2.1 08/06/2015 CML
6.13.1 08/06/2015 CML
16.5.3b 01/12/2010 CML
16.5.3d 01/12/2010 CML
17.1.1 01/12/2010 CML
17.2.1a 01/12/2010 CML
17.2.1b 01/12/2010 CML
4.3 01/12/2010 CML
5.15.2a 01/12/2010 CML
5.5.1b 01/12/2010 CML

Last update 09/11/2018

Frequently asked questions relating to the Topaz Finance Solicitor Panel from members of the public

Is there a reason why all UK lawyers aren't included on the Topaz Finance Solicitor panel?
As unjust as it may seem 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 are limiting their panel of approved conveyancing lawyers to a manageable size. The Topaz Finance conveyancing panel is not the most exclusive of all lenders
My lawyer has spotted an inconsistency when comparing the information in Topaz Finance’s home valuation report and what is in the legal papers for the property. My solicitor has advised that as he is on the Topaz Finance conveyancing panel he must check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
A precondition 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 do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am searching for competitive conveyancing fees. Can I be confident that all the firms that are identified on your website are on the Topaz Finance conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Topaz Finance panel and agreed to advise us to take down their listing in the event of removal off of the Topaz Finance 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 Topaz Finance conveyancing panel is incorrect.
We're in Liverpool, First time buyers buying with a mortgage (lender is Topaz Finance , but our lawyer is on the Topaz Finance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Topaz Finance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
What are the common reasons for a lender such as Topaz Finance to withdraw a mortgage offer?
Lenders such as Topaz Finance can withdraw their mortgage offer although this rarely happens. should Topaz Finance withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
  • Topaz Finance may amend or withdraw an offer if the Topaz Finance conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
  • If the borrower informs Topaz Finance of a change in security address
  • Where to proceed with the Mortgage offer would be unlawful
  • Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
  • Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
I have agreed a price on a apartment I spoke to a solicitor recommended by my brother and he suggested instructing a property lawyers approved by Topaz Finance. The estate agent recommended two local firms so I asked Topaz Finance if the 2 suggested solicitors are approved, which they are not. Topaz Finance pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Topaz Finance 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Topaz Finance for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Topaz Finance conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Topaz Finance conveyancing panel as it may only take about 2-3 weeks. As long as they meet Topaz Finance’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
For 5 years I had a mortgage with Topaz Finance. My father retired last week and wants to pay off my mortgage. After Topaz Finance is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Topaz Finance conveyancing panel? I do not intend to live at the property once the Topaz Finance mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Topaz Finance panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.