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Lloyds Conveyancing Panel: Recently Asked Questions
What can you suggest we do if we wish to lodge an appeal being removed from the
Lloyds approved solicitor list?
Should you firm be removed from the
Lloyds conveyancing panel and you are unaware of or disagree with the reasons for your removal you should: (a) Contact
Lloyds directly. (b) If there is an appeals process detailed on your letter you should follow the process.
In appealing a decision by Lloyds, it may be useful to provide the following information:
- Full disclosure of your conveyancing history
- A copy of your COMPLETIONmonitor reports if you use that service
- Your recent claims history
- Full details of all employees in your practice and their role.
- Note down if a solicitor has been admitted to the role on completion of the Qualified Lawyers Transfer Test.
- Forward copy practising certificates, the firm's current professional indemnity policy and your accountant's certificate, summarising what percentage of the firm's gross fee income is resulting from residential conveyancing
It is encouraging that some firms have been able to regain membership to panels notwithstanding the policy by the respective lenders to refuse panel membership to firms with certain profiles or characteristics. Success is primarily due to the firms’ ability to persuade the lender to make an exception if there is sufficient evidence to reassure them that the firm has a healthy attitude towards risk mitigation.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Lloyds and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Lloyds
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.
Lloyds 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 I run the risk of being suspended off the
Lloyds solicitor panel if I have not sent the deeds on a purchase within a certain time frame from draw-down of funds?
You might expect
Lloyds via their Part Two obligations to address this but the Handbook makes no mention on time frames. You need to look at the Terms of
Lloyds’s Conveyancing Panel Appointment that you entered into. For a number of banks these Terms have a clause such as:
‘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’ It is imperative to keep
Lloyds updated.
Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.
When in comes to leasehold due diligence do
Lloyds conveyancing panel lawyers need to examine whether there is an absentee landlord?
Given that your practice in is on the
Lloyds conveyancing panel and you are instructed by 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
Lloyds are to lend, they may require indemnity insurance. In any event,you will need to check
Lloyds’s specific requirements. Notwithstanding whether
Lloyds will lend in such circumstances you still need to advise the borrower (unless you are acting for
Lloyds alone) as to the risks of buying a property with an insolvent or absentee landlord.
I read the occasional LENDERmonitor alert but I rarely see change of note. For example, My firm on the
Lloyds conveyancing panel and receive a notification simply telling me a change of address. Why is that of any relevance?
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. Lets say that Lloyds change their requirements as to where their panel firm send the deeds.
Do you change the details in your CMS? Is this recorded anywhere? Is this communicated to the staff? By virtue of your COT Lloyds you are giving assurances that you will send the deeds 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 out of date postal address or DX details.
JLT’s PI Insurance renewal form asks if my firm had been excluded from any bank panels in the last year.
I just became aware that the firm is no longer on the
Lloyds conveyancing panel? Will that 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.
I am on the
Lloyds
conveyancing panel and due to complete a purchase shortly. My file does not contain a Mortgage Deed for the client to sign.
Who do I contact at Lloyds to get a duplicate Deed?
You should communicate with Lloyds
to obtain standard documents. The CML Handbook contains an individual section for lenders to set out who to contact to obtain standard documents.
Lloyds in their Part 2’s state:
Please remember to quote the firm’s Lloyds solicitors panel number.
Find a Lawyer on the Lloyds Conveyancing Panel
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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* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Lloyds Firms
- Draft Report on Title precedent for Lloyds borrowers
- Draft Anti Money Laundering PolicyTemplate for Lloyds panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Lloyds lender panel
- Buy-to-Let help for Lloyds
- Consent-to-Let help for Lloyds
- Contractor Mortgages with Lloyds
