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approved by Topaz Finance
Ready to buy a new home? Failing to check that a lawyer is on the Topaz Finance list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Topaz Finance plc Conveyancing Panel? How can my firm be reinstated onto the Topaz Finance plc Conveyancing Panel?
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For what reasons could a firm of solicitors be removed from the Topaz Finance approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The most common 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 Topaz Finance
I am purchasing a new build duplex and my solicitor is advising me that she has to disclose incentives from the developer as her practice is on the Topaz Finance conveyancing panel. I am under pressure to exchange contracts and I dont want to delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Topaz Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Topaz Finance). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Topaz Finance conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am purchasing a terraced house and getting a mortgage with Topaz Finance. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Topaz Finance conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Topaz Finance conveyancing panel in your location.
Are all conveyancing solicitors on the Topaz Finance conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Topaz Finance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I am buying a property where the roof has a solar panel. Topaz Finance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Topaz Finance your lawyer must to check the Topaz Finance conveyancing instructions contained in the Part of CML Handbook for Topaz Finance . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Topaz Finance where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Intending to buy a house with a mortgage with Topaz Finance. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Topaz Finance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Topaz Finance conveyancing panel