Pepper Money (UK) Conveyancing Panel Information

Lexsure only know of two or three lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Pepper Money (UK). At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Pepper Money (UK)

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 Pepper Money (UK) 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.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 Pepper Money (UK) immediately. (II) 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 Pepper Money (UK)’s mortgage offer are correct. If they are not, please let Pepper Money (UK) know as soon as possible as it will be necessary for Pepper Money (UK) to check with the valuer whether the valuation needs to be revised. Pepper Money (UK) conveyancing panel solicitors are not expected to assume the role of valuer. Pepper Money (UK) are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Pepper Money (UK) 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. Pepper Money (UK) recommend that, if we send a copy of a valuation report that Pepper Money (UK) 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 report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Pepper Money (UK) 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 Pepper Money (UK) conveyancing panel

CQS accreditation is 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. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance as is the case with HSBC.

You should contact Pepper Money (UK) to obtain standard documents. The CML Handbook includes an individual section for lenders to set out who to contact to obtain standard documents. Please remember to disclose the firm’s Pepper Money (UK) conveyancing panel number.