Better HomeOwnership Conveyancing Panel Information

Many estate agents will be feeling the pain if their clients start out on the buying process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

In order to be on the Better HomeOwnership conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Better HomeOwnership) are as follows:

• To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Better HomeOwnership conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

Better HomeOwnership approved solicitors have to comply with the UK Finance Lenders’ Handbook 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 Better HomeOwnership require, the deed of covenant on their behalf. You will need to check Better HomeOwnership CML Part 2 conditions to see if Better HomeOwnership 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 Better HomeOwnership conveyancing panel

The Law Society’s CQS membership gives no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. A number of mortgage companies now use CQS as the starting point for Panel approval as is the case with Santander.

You would be advised to communicate with Better HomeOwnership to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express section for banks to set out who to contact to obtain standard documents. Better HomeOwnership in their Part 2’s state: You will need to disclose your Better HomeOwnership conveyancing panel reference.