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approved by HodgeEquityRelease
Ready to buy a new home? Failing to check that a lawyer is on the HodgeEquityRelease list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Hodge Equity Release Conveyancing Panel? How can my firm be reinstated onto the Hodge Equity Release Conveyancing Panel?Find an Approved Solicitor on the Hodge Equity Release Conveyancing Panel
FAQs : The Hodge Equity Release Solicitor Panel
I am selling my maisonette and the EA has just called to say that the buyers are appointing a new solicitor. 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 major mortgage company only deal with certain law firms?
Lenders have always had panels 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 25 years.
Banks blame a rise 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 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.
Our lawyer has uncovered a problem with the lease for the apartment we are buying. The other side have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Hodge Equity Release conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Hodge Equity Release?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Hodge Equity Release are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Hodge Equity Release can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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 note that you have a search directory identifying firms on the Hodge Equity Release conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Hodge Equity Release conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am selling my house. Does my solicitor have to be on the Hodge Equity Release conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Hodge Equity Release conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do most 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 requirements.
I have today made my last payment due on mortgage with Hodge Equity Release. I assume I don't need a solicitor on the Hodge Equity Release panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Hodge Equity Release mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Hodge Equity Release mortgage from the register. Hodge Equity Release,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Hodge Equity Release has sent the Land Registry the discharge electronically, and
the Hodge Equity Release has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Hodge Equity Release mortgage has been paid off.
Sometime soon me and my wife are purchasing a house in Hendon. Conveyancing solicitors in Hendon are about to beinstructed. My agentadvised that we make sure that the property lawyer in Hendon is on the Hodge Equity Release approved list of lawyers. Is this right?
Far from all Hendon conveyancing solicitors are on the Hodge Equity Release conveyancing panel. Click here to search for a Hendon conveyancing firm on the on the Hodge Equity Release panel.
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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