LendInvest Conveyancing Panel Information

Section 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the LendInvest conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

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

One might ordinarily expect LendInvest via their Part Two conditions to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of LendInvest’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms include a provision such as: ‘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 imperative to keep LendInvest updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You will be aware of the trend in recent years for lenders such as LendInvest to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the LendInvest panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and LendInvest have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires LendInvest’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for LendInvest. You will no doubt be required to undertake directly to LendInvest’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the LendInvest conveyancing panel.

The Law Society’s CQS accreditation 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 remain on their panels. A number of mortgage companies now use the scheme as the starting point for Panel membership as is the case with Santander.

You should get in touch with LendInvest to obtain standard documents. The CML Handbook includes an individual question for banks to reveal who to contact to obtain standard documents. LendInvest in their Part 2’s state: Don’t forget to quote the firm’s LendInvest solicitors panel number.