Halifax solicitor panel face new obligations for Transfer of Equity cases

As of the 1st June 2013 solicitors and conveyancers representing Halifax on Transfer of Equity cases will need to inform them as soon as the transfer has taken place.

On the 31st May 2013 Halifax transfer of equity requirements changes with Halifax adding the following wording to Paragraph 16.3.7b of Part 2 of the CML Handbook : ‘PLEASE NOTE we require you to confirm the effective date of the transfer before we can update our records – failure to do so will mean that we will continue to correspond with the original parties to the mortgage’.

Lawyers should make a file note or reminder to themselves to inform Halifax once the transfer is completed. If do not you should expect your client(s) to call you to let you know that Halifax have been in touch with them. This would be a rather embarrassing situation to find yourself in as the client will no doubt be asking themselves why you had not contacted the lender. This situation is fairly easy to avoid if you make a note to inform the lender as required.