Intelligent Finance Conveyancing Panel Information

There are many reports available, five of which are as follows:

• Evidence of undertaking logs
• Average mortgage advance
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Analysis as to the nature of clients (e.g.existing/new/seen in person)

In the same way that there is a unique Intelligent Finance conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

During 2013, 37 sections of the UK Finance Lenders’ Handbook P2 were changed by Intelligent Finance. Some changes are more important than others but as a firm on the Intelligent Finance 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.

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 Intelligent Finance conveyancing panel to see if you are entitled to a reason.

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 remain on their panels. Some mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval as is the case with Astra Mortgages.

You need to contact Intelligent Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit section for lenders to cite who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: It is likely that you will need to quote your Intelligent Finance conveyancing panel number.