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Better HomeOwnership Solicitor Panel: Recently Asked Questions
Being on the Better HomeOwnership conveyancing panel how long am I expected to archive the original conveyancing file?
The CML Part II requirements of
Better HomeOwnership are silent on this. Most lenders address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Better HomeOwnership’s interest. To be
absolutely sure of Better HomeOwnership requirements in this regard
please check the Terms and Conditions of Better HomeOwnership’s
conveyancing panel appointment.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Better HomeOwnership and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Better HomeOwnership
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Better HomeOwnership and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Do banks such as
Better HomeOwnership run an independent conveyancing panel for buy to let mortgages?
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
Better HomeOwnership as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from
Better HomeOwnership we suggest that you call
Better HomeOwnership to check the position.
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on a number of lender panels including the
Better HomeOwnership conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Should I reference these Terms ?
The key here is the caveat ‘more onerous’.
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.
When in comes to leasehold conveyancing do
Better HomeOwnership panel solicitors need to consider if there is a missing freeholder?
Assuming that your firm in is on the
Better HomeOwnership 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
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.
Does CQS acceptance secure my firm’s acceptance on to lenders conveyancing panels?
CQS accreditation 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. Some Lenders now use the scheme as the starting point for Panel membership as is the case with Astra Mortgages.
My firm is listed on the
Better HomeOwnership
conveyancing panel and all set to complete a remortgage within the next week. I dont have a Mortgage Deed for the client to execute.
Who do I contact at Better HomeOwnership to get a duplicate Deed?
You should contact Better HomeOwnership
to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit question for banks to set out who to contact to obtain standard documents.
Better HomeOwnership in their Part 2’s state:
It helps to disclose your Better HomeOwnership conveyancing panel reference.
Find a Lawyer on the Better HomeOwnership Conveyancing Panel
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Average number of days to register title including a charge in favour of Better HomeOwnership
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Better HomeOwnership Firms
- Draft Report on Title precedent for Better HomeOwnership borrowers
- Draft Anti Money Laundering PolicyTemplate for Better HomeOwnership panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Better HomeOwnership lender panel
- Buy-to-Let help for Better HomeOwnership
- Consent-to-Let help for Better HomeOwnership
- Contractor Mortgages with Better HomeOwnership
