My practice have never been on the
Accord Mortgages conveyancing panel as well other lenders.
My clients, who are getting a mortgage with Accord Mortgages still want me to act for them even though I am not on the
Accord Mortgages panel. Is it fine for me to use a firm down the road to act for
Accord Mortgages on mortgage aspect of the conveyancing?
Please tread carefully here as what you are suggesting 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. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
I seldom receive a copy of a lender valuation any more. Do my Accord Mortgages conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
Accord Mortgages as the Mortgagee?
There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 Mortgages immediately. (II) 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 Mortgages’s mortgage offer are correct. If they are not, please let
Accord Mortgages know as soon as possible as it will be necessary for
Accord Mortgages to check with the valuer whether the valuation needs to be revised.
Accord Mortgages conveyancing panel solicitors are not expected to assume the role of valuer.
Accord Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Accord Mortgages 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 Mortgages recommend that, if we send a copy of a valuation report that
Accord Mortgages 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 Mortgages 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 Mortgages conveyancing panel
When in comes to leasehold conveyancing do
Accord Mortgages conveyancing panel lawyers need to consider if there is an insolvent landlord?
Assuming that your firm 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.
My conveyancing assistant has resigned on short notice.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Accord Mortgages once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Accord Mortgages?
Accord Mortgages will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Accord Mortgages conveyancing panel.
My firm has just been advised that it’s Accord Mortgages panel membership suspended but we have not yet been given a reason as to why.
I am completing a CQS application form what information must I disclose?
In the circumstances please clarify on the application what action you have taken to find out 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 termination of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?
Our practice is on the
conveyancing panel and all set to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to sign.
Who do I contact at Accord Mortgages to request substitute deeds?
You would be advised to get in touch with Accord Mortgages
to obtain standard documents. The CML Handbook contains a specific question for banks to set out who to contact to obtain standard documents.
It is likely that you will need to disclose the firm’s Accord Mortgages conveyancing panel reference.