Foundation Home loans Conveyancing Panel Information

This not something that the CML would traditionally get involved with however they do organise a number of general legal related conferences which are attended by firms on the Foundation Home loans conveyancing panel. We do intend to run specific lender focused seminars in the coming months including a webinar on Foundation Home loans’s Part 2 obligations. Solicitors on the Foundation Home loans conveyancing panel will be invited. Further details will be made available as part of the LENDERmonitor P2 change Notifications.

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

The Law Society of Scotland has suggested that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Foundation Home loans conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

With lenders and conveyancers working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Foundation Home loans conveyancing panel but for all mortgage panels

CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. Some mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with HSBC.

You should contact Foundation Home loans to obtain standard documents. The CML Handbook contains an individual inquiry for lenders to establish who to contact to obtain standard documents. Foundation Home loans in their Part 2’s state: You will need to quote the firm’s Foundation Home loans solicitors panel reference.