Landmark Conveyancing Panel Information

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

The criteria to join the Landmark conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

During 2013, 105 sections of the UK Finance Lenders’ Handbook P2 were changed by Landmark. Some changes are more important than others but as a firm on the Landmark 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.

You will be aware of the trend in recent years for lenders such as Landmark to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Landmark panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Landmark have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Landmark’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Landmark. You will no doubt be required to undertake directly to Landmark’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off 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 cessation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You should communicate with Landmark to obtain standard documents. The CML Handbook has an express inquiry for banks to reveal who to contact to obtain standard documents. Landmark in their Part 2’s state: It helps to disclose the firm’s Landmark solicitors panel number.