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Ready to buy a new home? Failing to check that a lawyer is on the Topaz Finance list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Topaz Finance plc Conveyancing Panel? How can my firm be reinstated onto the Topaz Finance plc Conveyancing Panel?Find an Approved Solicitor on the Topaz Finance plc Conveyancing Panel
Topaz Finance Conveyancing Panel : Questions and Answers
I am getting a offer of a mortgage from Topaz Finance. my intention is to instruct a Licensed Conveyancer. Does the Topaz Finance Solicitor panel exclude conveyancers regulated by the CLC
Topaz Finance’s conveyancing panel is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Topaz Finance was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer says that as she is on the Topaz Finance conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
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 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 all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Topaz Finance solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
What happens if my lawyer’s firm is expelled from the Topaz Finance Solicitor panel prior to the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I previously instructed online conveyancers located in Cardiff who are on the Topaz Finance solicitor panel. They are now charging me a separate fee of £150 for dealing with the Topaz Finance mortgage. Is this an additional conveyancing fee specified by Topaz Finance?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Topaz Finance but by your lawyers. Some firms on the Topaz Finance will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
How can we tell if a solicitor on the Topaz Finance panel is any good?
seeking recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your conveyancing
I have paid off my mortgage with Topaz Finance. I assume I don't need a solicitor on the Topaz Finance panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Topaz Finance mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Topaz Finance mortgage from the register. Topaz Finance,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Topaz Finance has sent the Land Registry the discharge electronically, and
the Topaz Finance has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Topaz Finance mortgage has been paid off.
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Transfer of Equity for Topaz FinancePlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors