First Direct Conveyancing Panel Information

Please tread carefully here as what you are proposing may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the First Direct 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 completing the answer.

Assuming that your practice in is on the First Direct conveyancing panel and you are representing 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 First Direct are to lend, they may require indemnity insurance. In any event,you will need to check First Direct’s specific requirements. Notwithstanding whether First Direct will lend in such circumstances you still need to advise the borrower (unless you are acting for First Direct alone) as to the risks of buying a property with an insolvent or absentee landlord.

With banks and property lawyers working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the First Direct conveyancing panel but for all bank panels

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 would be advised to communicate with First Direct to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific inquiry for banks to cite who to contact to obtain standard documents. First Direct in their Part 2’s state: Always remember to quote the firm’s First Direct solicitors panel number.