Intelligent Finance Conveyancing Panel Information

The Law Society of Scotland has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Intelligent Finance 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

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Intelligent Finance conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

Full career history for each solicitor including admission date to the relevant Law Society

Details of any accreditation e.g. Lexcel or

Structure of firm and, where applicable, its group

List of all those who fund the firm, including non-lawyers if applicable

List of all those staff who work within the conveyancing team

Solicitor

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

List of all solicitors within firm

Most 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 Intelligent Finance as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Intelligent Finance we suggest that you call Intelligent Finance to check the position.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Intelligent Finance immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Intelligent Finance’s mortgage offer are correct. If they are not, please let Intelligent Finance know as soon as possible as it will be necessary for Intelligent Finance to check with the valuer whether the valuation needs to be revised. Intelligent Finance conveyancing panel solicitors are not expected to assume the role of valuer. Intelligent Finance are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Intelligent Finance recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Intelligent Finance recommend that, if we send a copy of a valuation report that Intelligent Finance have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Intelligent Finance or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Intelligent Finance conveyancing panel

The Law Society’s CQS accreditation gives 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 join their panels. Some Lenders now use CQS as the starting point for Panel approval as is the case with Astra Mortgages.

You should communicate with Intelligent Finance to obtain standard documents. The CML Handbook has an individual inquiry for lenders to establish who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: Always remember to quote your Intelligent Finance conveyancing panel number.