Hodge Equity Release Conveyancing Panel Information

This not something that the CML would traditionally get involved with although they do provided numerous useful legal related conferences which are attended by firms on the Hodge Equity Release conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Hodge Equity Release’s Part 2 obligations. Practitioners on the Hodge Equity Release conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor P2 change Notifications.

Lexsure has not been advised of any intention on the part of the CML to develop such a search facility.

The answer to this question really depends on the reason that your firm has been removed off the Hodge Equity Release 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 COLP 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 Hodge Equity Release conveyancing panel.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Hodge Equity Release conveyancing panel to see if you are entitled to a reason.

We would recommend that you supply 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 Law Society a complete picture of what has occured.

You would be advised to communicate with Hodge Equity Release to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual section for banks to establish who to contact to obtain standard documents. Hodge Equity Release in their Part 2’s state: It helps to disclose the firm’s Hodge Equity Release solicitors panel number.