Lloyds Conveyancing Panel Information

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

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 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.
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• 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 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.)
• 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.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Lloyds immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Lloyds’s mortgage offer are correct. If they are not, please let Lloyds know as soon as possible as it will be necessary for Lloyds to check with the valuer whether the valuation needs to be revised. Lloyds conveyancing panel solicitors are not expected to assume the role of valuer. Lloyds are simply trying to ensure that the valuer has valued the property based on correct information. (c) Lloyds recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Lloyds recommend that, if we send a copy of a valuation report that Lloyds have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Lloyds or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Lloyds conveyancing panel

5 potential conveyancing clients attempt to locate a conveyancer on the Lloyds panel each month in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be found by those searching for conveyancing in Hendon.

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.

You should contact Lloyds to obtain standard documents. The CML Handbook includes an explicit section for lenders to reveal who to contact to obtain standard documents. Lloyds in their Part 2’s state: Don’t forget to disclose the firm’s Lloyds conveyancing panel reference.