Topaz Finance Conveyancing Panel Information

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The CML, along with Topaz Finance and other members developed a standard set of requirements where a conveyancer is representing a lender such as Topaz Finance alone in a residential conveyancing transaction. These obligations are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

The Council of Mortgage Lender requirements of Topaz Finance are silent on this. Most lenders deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Topaz Finance’s interest. To be absolutely sure of Topaz Finance requirements in this regard please check the Terms and Conditions of Topaz Finance’s conveyancing panel acceptance.

When a solicitor is acting for both Topaz Finance and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Topaz Finance and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Topaz Finance the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Topaz Finance conveyancing panel status.

Your insurance brokers are your best port of call to address this question. 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 should communicate with Topaz Finance to obtain standard documents. The CML Handbook contains an express section for banks to establish who to contact to obtain standard documents. Topaz Finance in their Part 2’s state: Please remember to disclose your Topaz Finance conveyancing panel reference.