Find an Approved Solicitor on the Hodge Equity Release
Examples of recent questions relating to the Hodge Equity Release Conveyancing Panel
I am in the process of selling my maisonette and the estate agent has just telephoned to say that the buyers are switching law firm. I am told that this is due to the fact that Hodge Equity Release will only deal with solicitors on their approved list. On what basis would a big named lender only work with certain solicitors?
Mortgage companies 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders 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 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.
My solicitor has spotted a difference when comparing the surveyor’s assumptions in Hodge Equity Release’s valuation report and what is in the conveyancing documents. My solicitor says that as he is on the Hodge Equity Release conveyancing panel he is obliged to check that the bank is happy with this discrepancy and is content go ahead. Is my conveyancer’s stance legitimate?
A precondition to being on the Hodge Equity Release approved panel is to comply with the CML Handbook requirements (last updated for this lender on Hodge Equity Release) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Hodge Equity Release conveyancing panel. My lawyer has said that they are on the Hodge Equity Release approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Hodge Equity Release conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Hodge Equity Release solicitor panel.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Hodge Equity Release , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Hodge Equity Release will insist on your using a conveyancer on the Hodge Equity Release conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Hodge Equity Release conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Hodge Equity Release mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Hodge Equity Release conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is 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 approved list of firms.
When it comes to mortgage companies such as Hodge Equity Release do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a DIP from Hodge Equity Release this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Hodge Equity Release recommend a solicitor on the Hodge Equity Release conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Hodge Equity Release conveyancing panel. The solicitor represents both you and the Hodge Equity Release through the process.