Renewing or Applying for LENDERmonitor Alerts 2015
LENDERmonitor provides protection to conveyancers from the risk of missing updates to Part 2 of the CML Lenders Handbook. With the LENDERmonitor alert service, solicitors and conveyancers receive an email notification any time lenders of interest make changes to their policies.
Staying abreast of policy changes is particularly important at a time when lenders are making a significant number of changes – in 2014 LENDERmonitor sent out over 80 email alerts – and solicitors and conveyancers are at greater risk of being sued for non-compliance with lender requirements.
You will receive a LENDERmonitor email alert any time a CML lender makes a change to its policies. Emails are sent the morning after the change is made. For 2015 the service relates to Part-2 changes for England and Wales, Northern Ireland and Scotland only.
All users who were receiving alerts for free as well as existing paying customers on our premium service will no longer receive alerts as of 1st January 2015. Please contact us about renewing your account for 2015 or click here and we send you a link to complete an account opening form.
This service relates to Part-2 changes for England and Wales, Scotland and Northern Ireland and is available only to firms that are regulated by the SRA or CLC.
The 2015 pricing is set out below:
TABLE OF CHARGES
All sums subject to VAT at prevailing rates.
|Sole Practitioner (single user)
|Non-Sole Practitioners of CLC regulated firms
(up to 5 users) per month
|Additional users per month||£5||£5||£5|
|Competence Statement Supporting Certificate
per user per month
|Cost per additional LM04||£5||£5||£5|
What is a LENDERmonitor Alert?
You will receive a LENDERmonitor email alert any time a CML lender makes a change change to its policies. Emails are sent the morning after the change is made.
What is an LM04 search?
Undertaking an LM04 Lender Policy Search allows you to establish if there have been any changes to lenders’ policy over a specified date range.
Typically this should be carried out just prior to the request to drawdown funds and will cover the period from when the documentation on the transaction was first reviewed. This is usually about 2 to 3 months but is limited to 6 months – which corresponds to the limit imposed on a mortgage offer. If changes have occurred during the period, the Search will highlight the original and new text within the relevant sections of the Policy. Conversely if no changes have occurred the Search results will reflect this. A short while after you submit the search request, the results will be returned to you via email in PDF format.
Supporting evidence for a Competence Statement
“The competence statement is supported by a threshold statement and an underpinning statement of legal knowledge. The competence statement is a way for us to assure appropriate standards of competence within the profession. It articulates what all solicitors should be able to do to the threshold standard. The setting of a threshold statement aims to reflect the standard at which an individual can practise safely and effectively use the title of solicitor. The importance of legal knowledge is reflected in the underpinning statement of legal knowledge.”
— Training for Tomorrow work streams
27 October 2014
The LENDERmonitor Alert Service allows for an upgrade service for COLPs and individual lawyers. Lawyers have the option of Lexsure Analysis Reports, which show that individual recipients of the alerts have clicked on and read the individual lender changes. These reports are further supported by a quarterly multiple choice survey that further shows that an individual lawyer has understood the changes to a lender client’s requirements. Participants will be issued a certificate to be used in support of a Competence Statement for those adopting the new SRA approach to continuing competence.
If you need assistance or require any further information please contact us on +44 (0)20 7692 7020 or send us an email to email@example.com.