Aviva Equity Release Conveyancing Panel Information

The Law Society of Scotland has suggested that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Aviva Equity Release conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Aviva Equity Release as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Aviva Equity Release we suggest that you call Aviva Equity Release to check the position.

During 2013, 32 sections of the UK Finance Lenders’ Handbook P2 were changed by Aviva Equity Release. Some changes are more important than others but as a firm on the Aviva Equity Release conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

In the circumstances please clarify on the application what action you have taken to discover the reasons behind cancellation of your Aviva Equity Release panel membership. 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 informing you as to why they reached this decision?

You would be advised to get in touch with Aviva Equity Release to obtain standard documents. The CML Handbook incorporates a specific inquiry for lenders to set out who to contact to obtain standard documents. Aviva Equity Release in their Part 2’s state: Don’t forget to disclose the firm’s Aviva Equity Release solicitors panel reference.