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Common questions asked concerning the Zephyr Mortgaages Conveyancing Panel
What is the rationale as to why all property lawyers are not on the Zephyr Mortgaages Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Zephyr Mortgaages will not agree to this. Why was Zephyr Mortgaages even consulted?
Your lawyer being on the Zephyr Mortgaages conveyancing panel is duty bound to inform Zephyr Mortgaages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Zephyr Mortgaages then they would have to discontinue acting for you and Zephyr Mortgaages.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Zephyr Mortgaages solicitor 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 thinking of mortgaging my house does my lawyer have to be on the Zephyr Mortgaages Solicitor panel?
In theory, you could use a solicitor that is not on Zephyr Mortgaages conveyancing panel, but Zephyr Mortgaages 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.
Is it the case that all conveyancing lawyers on the Zephyr Mortgaages conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
My husband and I are spending time looking at houses and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Zephyr Mortgaages
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Zephyr Mortgaages , ask your prospective lawyers check they are on the Zephyr Mortgaages conveyancing panel otherwise they can't do the mortgage legal work.
Intending to buy a house with a mortgage with Zephyr Mortgaages. 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 Zephyr Mortgaages 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 Zephyr Mortgaages conveyancing panel
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