ModaMortgages Conveyancing Panel Information

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

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 ModaMortgages conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

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

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

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

Full disciplinary history for each conveyancing solicitor

Structure of firm and, where applicable, its group

Number of partners per branch of the firm

Areas of Law covered by the firm

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

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

The answer to this question really depends on the reason that your firm has been removed off the ModaMortgages conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the ModaMortgages conveyancing panel.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for ModaMortgages solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to contact ModaMortgages to obtain standard documents. The CML Handbook has a specific section for banks to reveal who to contact to obtain standard documents. ModaMortgages in their Part 2’s state: It is likely that you will need to quote the firm’s ModaMortgages solicitors panel reference.