LiveMore Conveyancing Panel Information

The Scottish Law Society has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the LiveMore conveyancing panel. The suggestion 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

Criteria differ from lender to lender. We do not hold specific requirements relating to the questions raised as part of the application to be on the LiveMore conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

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

Summary of annual accounts

Number of lender conveyancing panels the firm is currently on

List of all solicitors within firm

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

List of all those who can sign off the Certificate Of Title

Whether any lender has ever made a claim against the firm’s PII cover

conveyancer client account(s) details

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

One might ordinarily expect LiveMore via their Part 2 requirements to address this but the Handbook makes no mention on time frames. Do look at the Terms of LiveMore’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms contain 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 LiveMore updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

There are various requirements are to followed 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 LiveMore immediately. (b) 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 LiveMore’s mortgage offer are correct. If they are not, please let LiveMore know as soon as possible as it will be necessary for LiveMore to check with the valuer whether the valuation needs to be revised. LiveMore conveyancing panel solicitors are not expected to assume the role of valuer. LiveMore are simply trying to ensure that the valuer has valued the property based on correct information. (III) LiveMore 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. LiveMore recommend that, if we send a copy of a valuation report that LiveMore 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 comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from LiveMore 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 LiveMore conveyancing panel

In this situation please explain on the application what steps you have taken to discover the reasons behind cancellation of your LiveMore panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You need to get in touch with LiveMore to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual inquiry for banks to reveal who to contact to obtain standard documents. LiveMore in their Part 2’s state: Always remember to quote your LiveMore solicitors panel number.