Intelligent Finance Conveyancing Panel Information

We are not aware of any intention on the part of the CML to develop such a search facility.

The fact of the matter is that estate agents are suffering if their clients start out on the buying process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

You might expect Intelligent Finance via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of Intelligent Finance’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms contain a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Intelligent Finance informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

When a solicitor is acting for both Intelligent Finance and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Intelligent Finance and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Intelligent Finance the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Intelligent Finance conveyancing panel status.

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 join their approved list of firms. A number of mortgage companies now use the scheme as the starting point for Panel membership as is the case with HSBC.

You should get in touch with Intelligent Finance to obtain standard documents. The CML Handbook contains a specific question for banks to enumerate who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: It helps to quote your Intelligent Finance solicitors panel reference.