Accord Buy to Let Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Accord Buy to Let as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Accord Buy to Let we suggest that you call Accord Buy to Let to check the position.

Please tread carefully here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Accord Buy to Let. Some changes are more important than others but as a firm on the Accord Buy to Let conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

On the basis that your practice in is on the Accord Buy to Let conveyancing panel and you are acting for 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 Buy to Let are to lend, they may require indemnity insurance. In any event,you will need to check Accord Buy to Let’s specific requirements. Notwithstanding whether Accord Buy to Let will lend in such circumstances you still need to advise the borrower (unless you are acting for Accord Buy to Let alone) as to the risks of buying a property with an insolvent or absentee freeholder.

CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some mortgage companies now use the scheme as the starting point for Panel membership such as Santander.

You would be advised to communicate with Accord Buy to Let to obtain standard documents. The CML Handbook contains a specific inquiry for banks to establish who to contact to obtain standard documents. Accord Buy to Let in their Part 2’s state: Please remember to disclose the firm’s Accord Buy to Let solicitors panel number.