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FAQs : The Topaz Finance Solicitor Panel
I am in the process of selling my flat and the EA has just called to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that Topaz Finance will only work with property lawyers on their approved list. Why would a big named lender only work with certain solicitors?
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 blame a rise in fraud as the reason 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.
Much to my surprise my solicitor has informed me that he requires ID documents asserting that this forms part of his requirements as a solicitor on the Topaz Finance Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Topaz Finance also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Topaz Finance CML Handbook requirements last updated on Topaz Finance
I note that you have a post code search directory listing law firms on the Topaz Finance conveyancing panel. Do firms pay you a commission if I instruct them for my own conveyancing?
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.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Topaz Finance Conveyancing panel in advance of the completion date?
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.
is it true that all conveyancing solicitors on the Topaz Finance conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Topaz Finance conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
We are getting a further advance on our mortgage from Topaz Finance as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Topaz Finance conveyancing panel to deal with the legals?
Topaz Finance would not normally appoint a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Topaz Finance list
My offer on house has been accepted, the seller does however have a dependent purchase. 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 Topaz Finance?
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 Topaz Finance 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 Topaz Finance and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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