LiveMore Conveyancing Panel Information

The Law Society of Scotland has suggested that solicitors should check their panel status with lenders before 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

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the LiveMore conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.

On the basis that your firm in is on the LiveMore conveyancing panel and you are acting for 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 LiveMore are to lend, they may require indemnity insurance. In any event,you will need to check LiveMore’s specific requirements. Notwithstanding whether LiveMore will lend in such circumstances you still need to advise the borrower (unless you are acting for LiveMore alone) as to the risks of buying a property with an insolvent or absentee freeholder.

In the circumstances please explain on the application what steps you have taken to find out 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should get in touch with LiveMore to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual inquiry for banks to enumerate who to contact to obtain standard documents. LiveMore in their Part 2’s state: It helps to disclose the firm’s LiveMore solicitors panel reference.