First Direct Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a tool.

The CML, together with First Direct and other stakeholders developed a standard set of requirements where a solicitor is acting for a lender such as First Direct alone in a residential conveyancing matter. These obligations are contained at Part Three of the UK Finance Lenders’ Handbook and are to be read in conjunction with Part I and II. The CML have published an example requirements letter to the borrower’s lawyer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.

The fact of the matter is that estate agents will be feeling the pain if their clients start out on the buying process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

When a solicitor is acting for both First Direct 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 First Direct and it may well be prudent you to cease to act for the purchaser as well. You can not tell the First Direct 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 First Direct conveyancing panel status.

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 First Direct solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should get in touch with First Direct to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit inquiry for banks to set out who to contact to obtain standard documents. First Direct in their Part 2’s state: It helps to disclose the firm’s First Direct conveyancing panel number.