Better HomeOwnership Conveyancing Panel Information

We only know of a couple of lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Better HomeOwnership. 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 Better HomeOwnership

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Better HomeOwnership conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Areas of Law covered by the firm

List of all those staff who work within the conveyancing team

List of fee-earners who are foreign qualified

Full complaints history for each conveyancing solicitor

Whether the firm is able to operate in other jurisdictions

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Full career history for each solicitor including admission date to the relevant Law Society

Summary of annual accounts

List of all Licensed Conveyancers within firm

You need to be careful here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

On the basis 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 freeholder.

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 join their panels. A number of mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with Astra Mortgages.

You would be advised to contact Better HomeOwnership to obtain standard documents. The CML Handbook includes a specific section for lenders to enumerate who to contact to obtain standard documents. Better HomeOwnership in their Part 2’s state: It helps to quote the firm’s Better HomeOwnership solicitors panel reference.