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Hodge Equity Release Conveyancing Panel: Recently Asked Questions
Is it probable that
Hodge Equity Release
will instruct a different solicitor on the
Hodge Equity Release
conveyancing panel for a further advance during the lifetime of a mortgage?
Paragraph 16.2.1 of Part 1 of the Handbook applicable to a solicitor on the
Hodge Equity Release
conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.
Is there a standard appeals process to prevent solicitors from being unfairly removed them from lender conveyancing panels?
There are thousands of firms across the UK who feel aggrieved claiming that they have been removed from lenders’ panels without an explanation or a good
reason. It is highly unlikely, given that lenders have distanced
themselves from creating a standardised appeals process for
brokers, that an appeals process will be introduced for
lawyers. Commenting on the call by brokers to have a standardised
process the CML said’ “While we understand that some lenders do have
an appeals process, it would not be appropriate for a trade body such
as the CML to seek to be prescriptive about such a process.” Some
lenders do of course set out an appeals policy. The Law Society does
have information on it’s site that may be of assistance. If you would
like to talk to one of our compliance experts about our Lender Panel
Protection Service please complete the form here.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Hodge Equity Release and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Hodge Equity Release
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Hodge Equity Release and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with CML PII obligations . I am on the
Hodge Equity Release conveyancing panel can you tell me how Part 2 changes took place by
Hodge Equity Release during 2013?
During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by
Hodge Equity Release. Some changes are more important than others but as a firm on the
Hodge Equity Release 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.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on numerous lender panels including the
Hodge Equity Release conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Am I supposed to mention these Conditions ?
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
Hodge Equity Release 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 moving forward on this question.
Our membership of the
Hodge Equity Release conveyancing panel was suspended but was reinstated on appeal, do I need to disclose these details on my application for CQS accreditation?
We would recommend that you provide details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not adversely impact your application but gives the CQS team a complete picture of what has occured.
I am on the
Hodge Equity Release
conveyancing panel and scheduled to complete a purchase within the next few weeks. My file does not contain a Legal Charge for the client to execute.
Who do I contact at Hodge Equity Release to request substitute deeds?
You would be advised to communicate with Hodge Equity Release
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express inquiry for banks to cite who to contact to obtain standard documents.
Hodge Equity Release in their Part 2’s state:
It is likely that you will need to disclose the firm’s Hodge Equity Release conveyancing panel number.
Find a Lawyer on the Hodge Equity Release Conveyancing Panel
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Average number of days to register title including a charge in favour of Hodge Equity Release
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Hodge Equity Release Firms
- Draft Report on Title precedent for Hodge Equity Release borrowers
- Draft Anti Money Laundering PolicyTemplate for Hodge Equity Release panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Hodge Equity Release lender panel
- Buy-to-Let help for Hodge Equity Release
- Consent-to-Let help for Hodge Equity Release
- Contractor Mortgages with Hodge Equity Release
