Zephyr Mortgages Conveyancing Panel : Questions and Answers from members of the public
I have just been informed by my financial adviser that my lawyer is not on the Zephyr Mortgages Solicitor panel. What can I do to check?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Zephyr Mortgages.
Our solicitor has discovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Zephyr Mortgages conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Zephyr Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Zephyr Mortgages are the client. A precondition to being on the Zephyr Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Zephyr Mortgages). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Zephyr Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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 note that you have a post code search directory identifying law firms on the Zephyr Mortgages conveyancing panel. Do firms pay you a commission 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 Zephyr Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am purchasing a new build flat and getting a mortgage with Zephyr Mortgages. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Zephyr Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Zephyr Mortgages conveyancing panel in your location.
Is it the case that all conveyancing lawyers on the Zephyr Mortgages conveyancing panel work on a no move no charge basis?
There is generally 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
My existing mortgage is with Zephyr Mortgages. My father has just retired and wants to pay off the mortgage left on the property. After Zephyr Mortgages 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 Zephyr Mortgages conveyancing panel? I do not intend to live at the property once the Zephyr Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Zephyr Mortgages 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Zephyr Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Zephyr Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Zephyr Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.