Topaz Finance Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a tool.

The CLC has entered dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Topaz Finance as well as the BSA.

One might ordinarily expect Topaz Finance via their Part 2 obligations to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Topaz Finance’s Conveyancing Panel Appointment that you entered into. For many lender's these Terms include a clause along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Topaz Finance informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

In order to be on the Topaz Finance conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Topaz Finance) are as follows:

• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Topaz Finance solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to contact Topaz Finance to obtain standard documents. The CML Handbook includes a specific inquiry for banks to enumerate who to contact to obtain standard documents. Topaz Finance in their Part 2’s state: Always remember to quote your Topaz Finance conveyancing panel reference.