First Direct Conveyancing Panel Information

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

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the First Direct conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Whether the firm is able to operate in other jurisdictions

SRA or equivalent regulator registration number where applicable

Summary of annual accounts

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

top-up split and history of any refusals

Whether the firm has ever applied for accreditation and the outcome of the application

House price discrepancies (declared to lender vs. registered at Land Registry)

and Conveyancing Quality Scheme

Full career history for each solicitor including admission date to the relevant Law Society

Structure of firm and, where applicable, its group

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by First Direct. Some changes are more important than others but as a firm on the First Direct conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

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.

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

You should contact First Direct to obtain standard documents. The CML Handbook includes an individual question for banks to reveal who to contact to obtain standard documents. First Direct in their Part 2’s state: It helps to disclose your First Direct solicitors panel reference.