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Ready to buy a new home? Failing to check that a lawyer is on the zephyr list of approved solicitors can put your transaction at risk of delay or failure.
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What is the rationale as to why all property lawyers aren't included on the Zephyr Mortgages Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Zephyr Mortgages will not agree to this. Why was Zephyr Mortgages even consulted?
Your lawyer being on the Zephyr Mortgages conveyancing panel is duty bound to inform Zephyr Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Zephyr Mortgages then they would have to discontinue acting for you and Zephyr Mortgages.
I require the services of a Zephyr Mortgages panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Zephyr Mortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Zephyr Mortgages to find out which solicitors in Zephyr Mortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am remortgaging my apartment does my lawyer need to be on the Zephyr Mortgages Solicitor panel?
There is nothing to stop you using your solicitor but Zephyr Mortgages will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Can I be sure that the solicitor on the Zephyr Mortgages panel is any good?
seeking recommendations is a sensible starting point. 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 advise that you speak with the solicitor handling your conveyancing
Why might a lender such as Zephyr Mortgages withdraw a mortgage offer?
Banks and Building Societies such as Zephyr Mortgages can revoke their mortgage offer although this is unusual. should Zephyr Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Where information comes to Zephyr Mortgages ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Zephyr Mortgages conveyancing panel solicitors would be obliged to notify Zephyr Mortgages of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
My ex -wife’s name is on the Zephyr Mortgages mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Zephyr Mortgages mortgage in order to sell?
As regards the Zephyr Mortgages mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Zephyr Mortgages in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
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Transfer of Equity for Zephyr MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors