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approved by Bank of Cyprus UK
Ready to buy a new home? Failing to check that a lawyer is on the Bank of Cyprus UK list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?Is my firm on the Bank of Cyprus UK Conveyancing Panel? How does my firm apply to be on the Bank of Cyprus UK Conveyancing Panel? How can my firm be reinstated onto the Bank of Cyprus UK Conveyancing Panel?
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FAQs for the Bank of Cyprus UK Conveyancing Panel
I have just been informed by my mortgage broker that my the law firm I have appointed is not on the Bank of Cyprus UK Conveyancing panel. What can I do to be certain that this is indeed the case?
The best course of action for you to take is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Bank of Cyprus UK.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Bank of Cyprus UK. What does the insurance need to cover?
All property lawyers on the Bank of Cyprus UK 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 Bank of Cyprus UK’s Part 2 requirements of the CML Handbook (last updated on Bank of Cyprus UK). Being on the Bank of Cyprus UK conveyancing panel your lawyer is expect to follow these instructions.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Bank of Cyprus UK conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am mortgaging my house does my lawyer need to be on the Bank of Cyprus UK Solicitor panel?
In theory, you could use a solicitor that is not on Bank of Cyprus UK conveyancing panel, but Bank of Cyprus UK would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Are all Conveyancing Quality Solicitors on the Bank of Cyprus UK conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Can I be sure that the solicitor on the Bank of Cyprus UK panel is any good?
obtaining recommendations is a good 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 lawyer carrying out your conveyancing
For 5 years I had a mortgage with Bank of Cyprus UK. My grandfather has just retired and wants to pay off the mortgage left on the property. After Bank of Cyprus UK 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 Bank of Cyprus UK conveyancing panel? I do not intend to live at the property once the Bank of Cyprus UK mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Bank of Cyprus UK 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.