Pepper Money (UK) Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Pepper Money (UK) conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Areas of Law covered by the firm

List of fee-earners who are foreign qualified

Details of any accreditation e.g. Lexcel or

Number of partners per branch of the firm

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

SRA or equivalent regulator registration number where applicable

Summary of annual accounts

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

Whether the firm is able to operate in other jurisdictions

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

The answer to this question really depends on the reason that your firm has been removed off the Pepper Money (UK) 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 Pepper Money (UK) conveyancing panel.

You need to be careful here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of firms. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as HSBC.

You should contact Pepper Money (UK) to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express section for lenders to set out who to contact to obtain standard documents. You will need to quote the firm’s Pepper Money (UK) solicitors panel reference.