Legal & General Home Finance Conveyancing Panel Information

The Council of Mortgage Lenders do not keep data sets of the Part 2's pre-December 2010. We would recommend you contact Legal & General Home Finance directly.

Legal & General Home Finance approved panel lawyers have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Legal & General Home Finance require, the deed of covenant on their behalf. You will need to check Legal & General Home Finance CML Part 2 conditions to see if Legal & General Home Finance have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Legal & General Home Finance conveyancing panel

On the basis that your practice in is on the Legal & General Home Finance conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Legal & General Home Finance are to lend, they may require indemnity insurance. In any event,you will need to check Legal & General Home Finance’s specific requirements. Notwithstanding whether Legal & General Home Finance will lend in such circumstances you still need to advise the borrower (unless you are acting for Legal & General Home Finance alone) as to the risks of buying a property with an insolvent or absentee landlord.

It would be advisable to 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 firm’s application but gives the CQS team viability as to what has occured.

You would be advised to get in touch with Legal & General Home Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express inquiry for lenders to set out who to contact to obtain standard documents. Legal & General Home Finance in their Part 2’s state: Please remember to disclose the firm’s Legal & General Home Finance solicitors panel reference.