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Platform Conveyancing Panel: Recently Asked Questions
Platform wants me to act for them alone on a residential conveyancing transaction , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Platform conveyancing panel) How will this operate and are there different requirements from Platform in this circumstance?
The Council of Mortgage Lenders, along with
Platform and other stakeholders developed a standard set of requirements where a conveyancer is representing a lender such as Platform alone in a residential conveyancing matter.
These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Part I and II.
The CML have published an example requirements letter to the borrower’s conveyancer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel?
Many estate agents will be feeling the pain if their clients start out on the conveyancing process having appointed a conveyancer 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 solicitors .
Being on the Platform conveyancing panel how long am I expected to retain the original conveyancing file?
The CML Part II requirements of
Platform are silent on this. Most lenders deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Platform’s interest. To be
absolutely sure of Platform requirements in this regard
please check the Terms and Conditions of Platform’s
conveyancing panel membership.
My firm is not on the
Platform conveyancing panel as well other lenders.
My clients, who have applied for a mortgage with Platform would still like to instruct me even though I am not on the
Platform panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for
Platform on mortgage aspect of the conveyancing?
You need to be careful here as what you are intending may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making 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.
My firm is on the
Platform conveyancing panel. I am dealing with
Platform mortgage on a purchase. My borrower client is asking not to disclose an issue to
Platform. What do I do in this conflict situation?
When a solicitor is acting for both
Platform and borrower there is potential for conflicts
to arise. You owe duties to both clients. All information received by
you from your client is confidential and cannot be disclosed without
the client’s consent. In the situation you find yourself in if the
purchaser will not consent to the information being passed on to the
lender the solicitor must cease to act for the Platform
and it may well be prudent you to cease to act for the purchaser as
well. You can not tell the Platform the reason for
termination of the retainer over and above the fact that a conflict
has arisen. The fact that you can no longer act should alert even the
most somnambulistic of lenders that something is wrong with the
borrower and/or purchase. The fact that you have disinstructed
yourself should not affect your Platform conveyancing
panel status.
my firm’s membership of the
Platform conveyancing panel was terminated but was reinstated on appeal, do I need to include these details on my application for CQS accreditation?
You should supply details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not adversely impact your firm’s application but gives the Law Society a complete picture of what has occured.
Our practice is on the
Platform
conveyancing panel and all set to complete a remortgage within the next few weeks. I dont have a Mortgage Deed for the client to sign.
Who do I contact at Platform to get a duplicate Deed?
You need to contact Platform
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit section for banks to establish who to contact to obtain standard documents.
Platform in their Part 2’s state:
Please remember to disclose the firm’s Platform solicitors panel number.
Find a Lawyer on the Platform Solicitors Panel
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Average number of days to register title including a charge in favour of Platform
This information relates to purchase only and not remortgages.
Year | Days* |
---|---|
2025 | [no data] |
2024 | [no data] |
2023 | [no data] |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Platform Firms
- Draft Report on Title precedent for Platform borrowers
- Draft Anti Money Laundering PolicyTemplate for Platform panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Platform lender panel
- Buy-to-Let help for Platform
- Consent-to-Let help for Platform
- Contractor Mortgages with Platform