Find an Approved Solicitor on the Aviva Equity Release UK Ltd
Common questions asked concerning the Aviva Equity Release Solicitor Panel
I am progressing with the sale of my apartment and the EA has just called to advise that the purchasers are switching solicitor. I am told that this is due to the fact that Aviva Equity Release will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific solicitors?
Banks 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 decades.
Lenders point to the increase 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 hearing daily from firms 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.
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Aviva Equity Release. Apparently, being on the Aviva Equity Release conveyancing panel and acting on their behalf he must inform Aviva Equity Release if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Aviva Equity Release to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Aviva Equity Release if you agree, failing which, your lawyer must cease to continue acting.
Whilst your website is a good idea there are many lawyers listed near London on the Aviva Equity Release conveyancing panel. Can you recommend a specific firm on the Aviva Equity Release approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
Can you clarify what the consequences are if my solicitor is removed from the Aviva Equity Release Solicitor panel in advance of 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 at a cost.
My wife and I have arranged a further advance on our mortgage from Aviva Equity Release as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Aviva Equity Release conveyancing panel to deal with the paperwork?
Aviva Equity Release would not normally appoint firms on 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 Aviva Equity Release panel
My husband and I are in the throws of viewing flats and am about to put in an offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with Aviva Equity Release
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Aviva Equity Release , ask your prospective lawyers check they are on the Aviva Equity Release conveyancing panel otherwise they can't do the mortgage legal work.
For 5 years I had a mortgage with Aviva Equity Release. My father has just retired and wants to pay off the mortgage left on the property. After Aviva Equity Release is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Aviva Equity Release conveyancing panel? I do not intend to live at the property once the Aviva Equity Release mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Aviva Equity Release panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.