Zephyr Mortgages Solicitor Panel Example Support Desk Enquires from members of the public
Is there a reason why all solicitors aren't included on the Zephyr Mortgages Solicitor panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My fiance and I intend to remortgage our penthouse with Zephyr Mortgages. We have a son approaching twenty who lives with us. The solicitor on the Zephyr Mortgages conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the Zephyr Mortgages conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Zephyr Mortgages .This is solely used to protect the Zephyr Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Zephyr Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I need to visit the offices of the Zephyr Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in London
so that I can attend their offices when needed.
Whereas this was necessary 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 London
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I was expecting to move into my dream home last Thursday. My solicitor is on the Zephyr Mortgages conveyancing panel but has moved offices 8 weeks ago and had not advised Zephyr Mortgages of their new address. Zephyr Mortgages is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Zephyr Mortgages branch or your mortgage broker to see if they can help.
When it comes to lenders such as Zephyr Mortgages do lawyers 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.
Two weeks ago we had a mortgage agreed in principle with Zephyr Mortgages. Solicitors have been chosen? How long does it take for Zephyr Mortgages to send the offer to our conveyancer
There is no definitive answer here. Have Zephyr Mortgages conducted the valuation? Have you advised Zephyr Mortgages as your lawyers details and checked that your lawyer is on the Zephyr Mortgages conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Planning on purchasing a flat with a mortgage with Zephyr Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Zephyr Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Zephyr Mortgages conveyancing panel