Frequently asked questions relating to the Topaz Finance Solicitor Panel from members of the public
My husband and I are hoping to buy a 3 bedroom apartment in Newcastle with a mortgage from Topaz Finance. We have a lawyer but Topaz Finance says she’s not on their "panel". It seems we have little choice but to instruct 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; Can we not simply insist that Topaz Finance use our lawyer?
No, not really. 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Topaz Finance
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Topaz Finance was issued random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the Topaz Finance conveyancing panel she needs to redo the searches as they are no longer valid.
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 specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Topaz Finance.
Do I need to have a meeting at the offices of the Topaz Finance conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
We're in London, FTBs 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
Do conveyancing lawyers on the Topaz Finance conveyancing panel work on a no move no charge 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 package
After shopping around on the internet I have found a solicitor having checked that they are on the Topaz Finance conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Topaz Finance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Topaz Finance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Topaz Finance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Topaz Finance you could contact your them to see if they have a list of approved surveyors.
We are are remortgaging a terraced house in Hendon. Conveyancing solicitors in Hendon will soon beretained. My fathersuggested that we make sure that the property lawyer in Hendon is on the Topaz Finance approved list of lawyers. Aren't all lawyers on the Topaz Finance panel?
It is not that case that all Hendon conveyancing firms are on the Topaz Finance conveyancing panel. 8 people a month use our search tool to find a Hendon conveyancing practitioner on the on the Topaz Finance panel.
