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I am selling my house and the estate agent has just e-mailed to warn that the buyers are switching conveyancer. The reason given is that Hodge Equity Release will only engage with property lawyers on their approved list. Why would a major lender only deal with certain lawyers?
Lenders have always had an approved set 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 more than 15 years.
Banks point to the increase in fraud by way of justification 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.
Expecting to move into my new home next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Hodge Equity Release. What risks do Hodge Equity Release expect the insurance to cover?
Any lawyer on the Hodge Equity Release conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Hodge Equity Release’s Part 2 requirements of the CML Handbook (last updated on Hodge Equity Release). Being on the Hodge Equity Release conveyancing panel your lawyer is expect to follow these instructions.
How up to date is your database of lawyers on the Hodge Equity Release conveyancing panel? Do Hodge Equity Release send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Hodge Equity Release conveyancing panel as opposed to being supplied with a list from Hodge Equity Release directly.
Please explain the implications if my solicitor is removed from the Hodge Equity Release Solicitor panel before completion?
The first thing to point out is that, 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 for a fee.
Is it the case that all solicitor firms on the Hodge Equity Release conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Hodge Equity Release 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).
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Hodge Equity Release conveyancing panel requirements are different to Hodge Equity Release’s conveyancing panel criteria.
Completion of my remortgage has taken place with a loan from Hodge Equity Release. Conveyancing was satisfactory but I would like to complain about Hodge Equity Release. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the Hodge Equity Release branches or the Customer Care Team at Hodge Equity Release head office. In most cases complaints to Hodge Equity Release are resolved very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
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Transfer of Equity for Hodge Equity ReleasePlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors