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Topaz Finance Conveyancing Panel : Questions and Answers
The conveyancer my husband and I wanted to use for conveyancing on a remortgage said he would charge more if my lender is because of their unusual legal requirements. Am I likely to be frustrated using Topaz Finance? Any comments will be appreciated
Topaz Finance conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Topaz Finance conveyancing panel. If they are not, this does add further risk of delay as Topaz Finance will appoint their own solicitors to look after their interest.
My fiance and I intend to remortgage our penthouse with Topaz Finance. We have a son approaching twenty who lives with us. The solicitor on the Topaz Finance conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Topaz Finance conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Topaz Finance .This is solely used to protect the Topaz Finance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Topaz Finance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I have to pop into the offices of the Topaz Finance conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Manchester
so that I can pop in to their offices if required.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
My lawyers in Leeds have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Topaz Finance. Is it case that being on the Topaz Finance conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Topaz Finance Conveyancing Panel Terms. It might be worth you contacting Topaz Finance directly.
Last month we had a mortgage agreed in principle with Topaz Finance. Solicitors have been appointed? How long does it take for Topaz Finance to send the offer to our conveyancer
There is no definitive answer here. Have Topaz Finance completed the valuation? Have you advised Topaz Finance as your lawyers details and checked that your lawyer is on the Topaz Finance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I'm spending time viewing apartments and am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Topaz Finance
It would be sensible to have your start your search soon rather than later. 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 estate agent. As you are getting a mortgage with Topaz Finance , ask your prospective lawyers check they are on the Topaz Finance conveyancing panel otherwise they can't do the mortgage legal work.
My existing mortgage is with Topaz Finance. My uncle has just retired and wants to pay off my mortgage. After Topaz Finance is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Topaz Finance conveyancing panel? I do not intend to live at the property once the Topaz Finance mortgage is discharged.
You
will need a solicitor but they need not be on the Topaz Finance conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Other Topics
Transfer of Equity for Topaz FinancePlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors