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Lloyds Conveyancing Panel: Recently Asked Questions
I understand that Lloyds could request or audit my files as I am on the
Lloyds conveyancing panel. Are there any confidentiality issues that I need to consider first?
We can't comment specifically on
Lloyds. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.
Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in arrears with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.
The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Lloyds solicitor panel?
There are many reports available, five of which are as follows:
- Average mortgage advance
- Average time frame to register charges at the Land Registry
- Analysis as to the nature of clients (e.g.existing/new/seen in person)
- Number of conveyancing cases by lender
- Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
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 the majority of approved panels including the
Lloyds conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Am I supposed to mention these Conditions ?
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
Lloyds 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 moving forward on this question.
The firm that I work for is on the
Lloyds conveyancing panel. I am dealing with
Lloyds mortgage on a purchase. My borrower client is asking not to disclose an issue to
Lloyds. What do I do in this conflict situation?
When a solicitor is acting for both
Lloyds and borrower there is potential for conflicts
to arise. You owe duties to both clients. All information received by
you from your client is confidential and cannot be disclosed without
the client’s consent. In the situation you find yourself in if the
purchaser will not consent to the information being passed on to the
lender the solicitor must cease to act for the Lloyds
and it may well be prudent you to cease to act for the purchaser as
well. You can not tell the Lloyds the reason for
termination of the retainer over and above the fact that a conflict
has arisen. The fact that you can no longer act should alert even the
most somnambulistic of lenders that something is wrong with the
borrower and/or purchase. The fact that you have disinstructed
yourself should not affect your Lloyds conveyancing
panel status.
Every so often I read a LENDERmonitor notification but I don't see that many important changes. For example, I am on the
Lloyds conveyancing panel and receive a notification simply telling me a change of address. Does that matter?
Yes it does matter 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 update the details in your CMS? Do you make a note? Is this communicated to the staff? 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. Putting to one side the academic question as to 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.
Prime Professional’s PII renewal form enquires if my firm had been removed off any lender panels in the last year.
I just found out that the practice is no longer on the
Lloyds solicitor panel? Is this likely to impact my PII premium?
The best placed professionals to answer this question are your insurance brokers.
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 few weeks. I dont have a Legal Charge for the client to sign.
Who do I contact at Lloyds to obtain duplicate documents?
You should get in touch with Lloyds
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for lenders to enumerate who to contact to obtain standard documents.
Lloyds in their Part 2’s state:
Don’t forget to disclose the firm’s Lloyds solicitors panel reference.
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* |
|---|---|
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | 15.0 |
| 2018 | [no data] |
| 2017 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
