Find an Approved Solicitor on the Generation Home
FAQs : The Generation Home Conveyancing Panel
For what reasons would a firm of solicitors be removed from the Generation Home solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Generation Home
My fiance and I intend to remortgage our apartment with Generation Home. We have a son 18 who lives with us. The solicitor on the Generation Home conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the Generation Home conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Generation Home .This is solely used to protect the Generation Home if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Generation Home had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
How up to date is your database of lawyers on the Generation Home conveyancing panel? Do Generation Home send you an updated list?
The firms themselves provide us confirmation that they are on the Generation Home conveyancing panel as opposed to being supplied with a list from Generation Home directly.
I am thinking of refinancing my flat does my lawyer need to be on the Generation Home Conveyancing panel?
There is nothing to stop you using your solicitor but Generation Home will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
We were going to get a DIP from Generation Home this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Generation Home recommend a solicitor on the Generation Home conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Generation Home conveyancing panel. The solicitor represents both you and the Generation Home through the process.
I am currently in the process of buying my council flat. I have a mortgage agreed with Generation Home. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Generation Home you will need to appoint a solicitor on the Generation Home conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension . I have called Generation Home on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Generation Home conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Generation Home panel she or he must comply with the CML Handbook requirements for Generation Home. Unless your lawyer obtains specific confirmation in writing that Generation Home will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Generation Home to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.