Better HomeOwnership Conveyancing Panel Information

The criteria to join the Better HomeOwnership conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Better HomeOwnership. Some changes are more important than others but as a firm on the Better HomeOwnership 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.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Better HomeOwnership conveyancing panel to see if you are entitled to a reason.

Assuming that your practice in is on the Better HomeOwnership conveyancing panel and you are representing 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 Better HomeOwnership are to lend, they may require indemnity insurance. In any event,you will need to check Better HomeOwnership’s specific requirements. Notwithstanding whether Better HomeOwnership will lend in such circumstances you still need to advise the borrower (unless you are acting for Better HomeOwnership alone) as to the risks of buying a property with an insolvent or absentee landlord.

CQS membership is 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 panels. A number of mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance such as Santander.

You need to contact Better HomeOwnership to obtain standard documents. The CML Handbook incorporates an individual question for lenders to reveal who to contact to obtain standard documents. Better HomeOwnership in their Part 2’s state: You will need to quote your Better HomeOwnership conveyancing panel number.