Accord Mortgages Conveyancing Panel Information

Lexsure only know of two or three lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Accord Mortgages. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Accord Mortgages

The CML Part II requirements of Accord Mortgages are silent on this. Most lenders address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Accord Mortgages’s interest. To be absolutely sure of Accord Mortgages requirements in this regard please check the Terms and Conditions of Accord Mortgages’s conveyancing panel acceptance.

One might ordinarily expect Accord Mortgages via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Accord Mortgages’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms include a clause along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Accord Mortgages informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

On the basis that your practice in is on the Accord Mortgages 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 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.

In the circumstances please explain on the application what action you have taken to discover the reasons behind cancellation of your Accord Mortgages panel status. 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 putting you on notice?

You should communicate with Accord Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express question for banks to reveal 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 number.