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Ready to buy a new home? Failing to check that a lawyer is on the zephyr list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Zephyr Mortgages Conveyancing Panel
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My partner and I are FTBs. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Zephyr Mortgages have this evening contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Zephyr Mortgages and see if they can apply for membership of the Zephyr Mortgages conveyancing panel, but if that is not viable Zephyr Mortgages will instruct their own lawyers to represent them. You don't have to instruct a firm on the Zephyr Mortgages conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We are nearing an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Zephyr Mortgages. I am advised that, being on the Zephyr Mortgages conveyancing panel and acting on their behalf he must inform Zephyr Mortgages if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Zephyr Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Zephyr Mortgages if you agree, failing which, your lawyer must cease to continue acting.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Zephyr Mortgages conveyancing panel?
The firms themselves provide us confirmation that they are on the Zephyr Mortgages conveyancing panel as opposed to being supplied with a list from Zephyr Mortgages directly.
I am buying a terraced house and getting a mortgage with Zephyr Mortgages. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Zephyr Mortgages 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 Zephyr Mortgages conveyancing panel in your location.
I have paid off my mortgage with Zephyr Mortgages. I assume I don't need a solicitor on the Zephyr Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Zephyr Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Zephyr Mortgages mortgage from the register. Zephyr Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Zephyr Mortgages has sent the Land Registry the discharge electronically, and
the Zephyr Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Zephyr Mortgages mortgage has been paid off.
My offer was accepted on a house on the 20th January 2014, valuation was booked five days later, all came back fine. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Zephyr Mortgages and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Zephyr Mortgages conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Zephyr Mortgages to deal with your lawyers application to be on the Zephyr Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.
Zephyr Mortgages have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Zephyr Mortgages or your broker and complete any relevant paperwork. Zephyr Mortgages will tell you what documents they want. Zephyr Mortgages will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Zephyr Mortgages will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.