Accord Mortgages Conveyancing Panel Information

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.

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

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.

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?

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.