Landmark Conveyancing Panel Information

The fact of the matter is that estate agents are feeling the pain if their clients start out on the conveyancing process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

As is the case with the Law Society the CLC has entered dialogue with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Landmark as well as the BSA.

One might ordinarily expect Landmark via their Part Two requirements to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of Landmark’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms contain a clause along the following lines: ‘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 Landmark updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You have a number of obligations in this regard which 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 Landmark immediately. Second, 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 Landmark’s mortgage offer are correct. If they are not, please let Landmark know as soon as possible as it will be necessary for Landmark to check with the valuer whether the valuation needs to be revised. Landmark conveyancing panel solicitors are not expected to assume the role of valuer. Landmark are simply trying to ensure that the valuer has valued the property based on correct information. (III) Landmark 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. Landmark recommend that, if we send a copy of a valuation report that Landmark 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 survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Landmark 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 Landmark conveyancing panel

In this situation please explain on the form what action you have taken to find out the reasons behind cancellation of your Landmark panel membership. 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 putting you on notice?

You would be advised to communicate with Landmark to obtain standard documents. The CML Handbook has an express section for lenders to enumerate who to contact to obtain standard documents. Landmark in their Part 2’s state: You will need to quote the firm’s Landmark conveyancing panel number.