Looking for information about your firm's panel status?
Lloyds Conveyancing Panel: Recently Asked Questions
my firm is on the Lloyds conveyancing panel. Can I get an archived copy of a Lloyds Part 2 from the CML?
The Council of Mortgage Lenders do not maintain duplicates of P2 conditions Pre January 2011. The CML advise that you make a request of Lloyds directly.
Will the fact that my practice receives LENDERmonitor Alerts help in my application to join the Lloyds conveyancing panel?
The criteria to join the Lloyds conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Lloyds conveyancing panel?
In order to be on the Lloyds 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 Lloyds) are as follows:
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- 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
- If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
- 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.
- 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.
One of our conveyancers is acting for a seller of a property and we have just received an email from the buyers solicitors who are not on the
Lloyds conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for
Lloyds. We have not come accross this before. Do we give the undertaking?
You will be aware of the trend in recent years for lenders such as
Lloyds to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the
Lloyds panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and
Lloyds have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires
Lloyds’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for
Lloyds. You will no doubt be required to undertake directly to
Lloyds’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the
Lloyds conveyancing panel.
Every so often I read a LENDERmonitor email but I rarely see change of note. By way of illustration, My firm on the
Lloyds conveyancing panel and receive a notification simply telling me a change of address. Isn't that just noise?
It is important that you take note of such changes because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also affect your ability to remain on the
Lloyds solicitor panel. Is possible next month that Lloyds change their requirements as to where their panel firm send the deeds.
Do you change the details in your CMS? Do you make a note? Is this information passed on to secretaries and assistants? In your Certificate of Title to Lloyds you are giving assurances that you will forward the relevant documents within 10 days of receiving the Title Information Document. Leaving to one side whether you are in breach of an undertaking in sending it to the wrong address, you run the risk of
Lloyds suspending you off the panel because they are not receiving the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to an address that is no longer valid.
Marsh’s PII renewal form asks if my firm had been excluded from any mortgage panels in the last 12 months.
I recently found out that the firm is no longer on the
Lloyds conveyancing panel? Is this likely to effect my PII cover?
Your insurance brokers are your best port of call to address this question.
The chances are that on the basis that you have not been removed for
fraud or negligence reasons that there will be little or no
impact. The main reason why a firm would be removed off of a lender
panel is due to low volume of conveyancing cases although there may be
a number of criteria for Lloyds solicitor panel
membership. Please remember that it is always important that you
complete your insurance forms accurately.
Our practice is on the
Lloyds
conveyancing panel and due to complete a purchase within the next week. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Lloyds to request substitute deeds?
You need to contact Lloyds
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific section for lenders to enumerate who to contact to obtain standard documents.
Lloyds in their Part 2’s state:
Always remember to disclose the firm’s Lloyds solicitors panel reference.
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Average number of days to register title including a charge in favour of Lloyds
This information relates to purchase only and not remortgages.
Year | Days* |
---|---|
2023 | [no data] |
2022 | 57.2 |
2021 | [no data] |
2020 | [no data] |
2019 | 54.7 |
2018 | 24.5 |
* Data aggregated from sources including COMPLETIONmonitor