Lloyds TSB Scotland Conveyancing Panel Information

Lloyds TSB Scotland’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements

Lloyds TSB Scotland make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Lloyds TSB Scotland are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search provider lists over 65 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

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

• Average mortgage advance
• Buy to Let transactions
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Average time frame to register charges at the Land Registry
• Evidence of undertaking logs

During 2013, 92 sections of the UK Finance Lenders’ Handbook P2 were changed by Lloyds TSB Scotland. Some changes are more important than others but as a firm on the Lloyds TSB Scotland 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.

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 join their panels. Some Lenders now use CQS as the starting point for Panel approval such as Astra Mortgages.

You need to communicate with Lloyds TSB Scotland to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for banks to cite who to contact to obtain standard documents. Lloyds TSB Scotland in their Part 2’s state: It helps to quote your Lloyds TSB Scotland solicitors panel reference.