Habito Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Habito as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Habito we suggest that you call Habito to check the position.

The answer to this question really depends on the reason that your firm has been removed off the Habito conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Habito conveyancing panel.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Habito. Some changes are more important than others but as a firm on the Habito 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.

15 potential conveyancing clients search for a property lawyer on the Habito panel every 4 weeks in Hendon. The lenderpanel directory service team who will show you how your firm can be identified by those searching for conveyancing in Hendon.

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. A number of Lenders now use the scheme as the starting point for Panel approval such as Santander.

You would be advised to contact Habito to obtain standard documents. The CML Handbook has an express question for lenders to enumerate who to contact to obtain standard documents. Habito in their Part 2’s state: It is likely that you will need to disclose your Habito solicitors panel reference.