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I am progressing with the sale of my maisonette and the estate agent has just called to advise that the purchasers are swapping property lawyer. The excuse is that Hodge Life will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with specific law firms?
Banks 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 Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise 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.
Can you clarify something for me?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Hodge Life was date stamped random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer has advised that as she is on the Hodge Life conveyancing panel she needs to reorder the searches as they are no longer valid.
A precondition to being on the Hodge Life approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Hodge Life)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Hodge Life.
I am planning to acquire a flat and require a conveyancing solicitor in London who is on the Hodge Life solicitor. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Hodge Life . We don’t recommend any particular firm.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Hodge Life conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Hodge Life 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.
When it comes to mortgage companies such as Hodge Life 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.
My wife and I have arranged a further advance on our mortgage from Hodge Life as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Hodge Life conveyancing panel to deal with the legals?
Hodge Life do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Hodge Life panel
I am due to exchange contracts on my house. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Hodge Life are being difficult. The solicitor who is on the Hodge Life conveyancing panel is recommending indemnity insurance as a solution but Hodge Life are insisting on a building regulation certificate. Why do Hodge Life have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Hodge Life have referred the matter to their valuer. The reason why Hodge Life 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.