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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.
Looking for information about your firm's panel status?
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
Frequently asked questions relating to the Hodge Equity Release Conveyancing Panel
I am in the process of selling my flat and the EA has just texted me to say that the buyers are appointing a new property lawyer. The reason given is that Hodge Equity Release will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with certain law firms?
Lenders 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 decades.
Lenders point to the increase 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 solicitor has informed me that he requires ID documents asserting that this forms part of his obligations as a solicitor on the Hodge Equity Release Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Hodge Equity Release also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Hodge Equity Release CML Handbook requirements last updated on Hodge Equity Release
Having used 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.
What happens if my lawyer’s firm is expelled from the Hodge Equity Release Conveyancing panel before the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
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.
I have a mortgage with Hodge Equity Release. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Hodge Equity Release?
Your original mortgage agreement with Hodge Equity Release will provide that you need their approval prior to letting out your property as this is likely to be a breach of Hodge Equity Release’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Hodge Equity Release directly. It should not be necessary to do this via a Hodge Equity Release conveyancing panel firm.
I am selling my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Hodge Equity Release are being pedantic. The solicitor who is on the Hodge Equity Release conveyancing panel is recommending indemnity insurance as a solution but Hodge Equity Release are requiring a building regulation certificate. Why do Hodge Equity Release have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Hodge Equity Release have referred the matter to their valuer. The reason why Hodge Equity Release may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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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