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.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Accord Buy to Let conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Accord Buy to Let immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Accord Buy to Let’s mortgage offer are correct. If they are not, please let Accord Buy to Let know as soon as possible as it will be necessary for Accord Buy to Let to check with the valuer whether the valuation needs to be revised. Accord Buy to Let conveyancing panel solicitors are not expected to assume the role of valuer. Accord Buy to Let are simply trying to ensure that the valuer has valued the property based on correct information. (c) Accord Buy to Let recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Accord Buy to Let recommend that, if we send a copy of a valuation report that Accord Buy to Let have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Accord Buy to Let or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Accord Buy to Let conveyancing panel

Given that your firm in is on the Accord Buy to Let conveyancing panel and you are representing 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.

The Law Society’s CQS accreditation gives 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 panels. Some Lenders now use the scheme as the starting point for Panel membership as is the case with Astra Mortgages.

You need to get in touch with Accord Buy to Let to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific inquiry for banks to enumerate who to contact to obtain standard documents. Accord Buy to Let in their Part 2’s state: Please remember to quote the firm’s Accord Buy to Let solicitors panel reference.