Topaz Finance Solicitor Panel Recently Asked Questions from members of the public
I am selling my apartment and the estate agent has just called to advise that the buyers are switching law firm. I am told that this is due to the fact that Topaz Finance will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with certain lawyers?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Expecting to move into my new home next Thursday. 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 Topaz Finance. What risks do Topaz Finance expect the insurance to cover?
All property lawyers on the Topaz Finance 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 Topaz Finance’s Part 2 requirements of the CML Handbook (last updated on Topaz Finance). Being on the Topaz Finance conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a post code search directory listing solicitors on the Topaz Finance conveyancing panel. Do firms pay you a referral fee if I retain 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.
I am attempting to get my former partner removed the mortgage deeds. Can Topaz Finance really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Topaz Finance then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Topaz Finance solicitors panel
We have had an offer accepted on a house I spoke to a lawyer recommended by my dad and he advised retaining 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. Most banks have lawyers on their panel throughout the UK. 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.
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 telephoned 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. I simply dont know who is right
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.
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.