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Accord Mortgages Solicitor Panel: Recently Asked Questions
Is it possible that
Accord Mortgages
will instruct a different firm on the
Accord Mortgages
conveyancing panel for a further advance during the lifetime of a mortgage?
Section 16.2.1 of Part 1 of the Handbook relevant to a solicitor on the
Accord Mortgages
conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.
We are acting for a seller of a property and we have just received an email from the buyers solicitors who are not on the
Accord Mortgages conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for
Accord Mortgages. How has this come about?
You will be aware of the trend in recent years for lenders such as
Accord Mortgages to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the
Accord Mortgages panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and
Accord Mortgages have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires
Accord Mortgages’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for
Accord Mortgages. You will no doubt be required to undertake directly to
Accord Mortgages’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the
Accord Mortgages conveyancing panel.
I have been a qualified solicitor for approximately 25 years enjoy an unblemished record and have been refused acceptance on the
Accord Mortgages conveyancing panel with no explanation. Am I not entitled to to know why?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the
Accord Mortgages conveyancing panel to see if you are entitled to a reason.
In carrying out leasehold conveyancing do
Accord Mortgages conveyancing panel lawyers need to consider if there is a missing freeholder?
On the basis that your firm in is on the
Accord Mortgages conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Accord Mortgages are to lend, they may require indemnity insurance. In any event,you will need to check
Accord Mortgages’s specific requirements. Notwithstanding whether
Accord Mortgages will lend in such circumstances you still need to advise the borrower (unless you are acting for
Accord Mortgages alone) as to the risks of buying a property with an insolvent or absentee landlord.
We had our Accord Mortgages panel membership suspended but we have not yet been given a reason as to why.
I am completing a CQS renewal questionnaire what details should I put forward?
In this situation please clarify on the application what steps you have taken to discover the reasons behind cancellation of your
Accord Mortgages panel membership.
In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
I am on the
Accord Mortgages
conveyancing panel and all set to complete a purchase within the next few weeks. My papers do not include a Mortgage Deed for the client to sign.
Who do I contact at Accord Mortgages to obtain duplicate documents?
You need to communicate with Accord Mortgages
to obtain standard documents. The CML Handbook has a specific section for banks to set out who to contact to obtain standard documents.
Accord Mortgages in their Part 2’s state:
You will need to disclose your Accord Mortgages solicitors panel reference.
Find a Lawyer on the Accord Mortgages Solicitor Panel
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Average number of days to register title including a charge in favour of Accord Mortgages
This information relates to purchase only and not remortgages.
Year | Days* |
---|---|
2024 | [no data] |
2023 | 58.4 |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
2019 | 58.0 |
* Data aggregated from sources including COMPLETIONmonitor
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