Accord Mortgages Conveyancing Panel Information

No such training is arranged by the CML although they do host a number of general legal related conferences which are attended by firms on the Accord Mortgages conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Accord Mortgages’s Part 2 requirements. Law firms on the Accord Mortgages conveyancing panel will be invited. Information about the webinar will be communicated as part of the LENDERmonitor P2 change Notifications.

Accord Mortgages make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Accord Mortgages are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Is this covered within your Terms of Engagement or Report on Title?

A leading search supplier lists over 70 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as Searches UK.

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.

Assuming 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.

In this situation please explain on the form 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 cessation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You need to get in touch with Accord Mortgages to obtain standard documents. The CML Handbook incorporates a specific section for lenders to set out who to contact to obtain standard documents. It is likely that you will need to disclose the firm’s Accord Mortgages solicitors panel reference.