Aviva Equity Release Conveyancing Panel Information

Lexsure only know of two or three banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Aviva Equity Release. 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 Aviva Equity Release

You have a number of obligations in this regard which 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 Aviva Equity Release 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 Aviva Equity Release’s mortgage offer are correct. If they are not, please let Aviva Equity Release know as soon as possible as it will be necessary for Aviva Equity Release to check with the valuer whether the valuation needs to be revised. Aviva Equity Release conveyancing panel solicitors are not expected to assume the role of valuer. Aviva Equity Release are simply trying to ensure that the valuer has valued the property based on correct information. (III) Aviva Equity Release 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. Aviva Equity Release recommend that, if we send a copy of a valuation report that Aviva Equity Release 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 report or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Aviva Equity Release 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 Aviva Equity Release conveyancing panel

Aviva Equity Release approved panel lawyers are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Aviva Equity Release require, the deed of covenant on their behalf. You will need to check Aviva Equity Release CML Part 2 conditions to see if Aviva Equity Release have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Aviva Equity Release conveyancing panel

In this situation please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Aviva Equity Release 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 should communicate with Aviva Equity Release to obtain standard documents. The CML Handbook incorporates a specific section for lenders to cite who to contact to obtain standard documents. Aviva Equity Release in their Part 2’s state: It is likely that you will need to quote the firm’s Aviva Equity Release solicitors panel reference.