Platform Conveyancing Panel Information

The CML is an association rather than a regulator and therefore cannot advise on complaints against lenders. You can of course contact Lexsure to see if we can assist.

The Council of Mortgage Lender requirements of Platform are silent on this. Most mortgage companies address the issue of file retention via their Terms of panel appointment 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 appointment.

You will be aware of the trend in recent years for lenders such as Platform 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 Platform panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Platform 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 Platform’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 Platform. You will no doubt be required to undertake directly to Platform’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 Platform conveyancing panel.

We would recommend that you provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the CQS team a complete picture of what has gone on.

You would be advised to contact Platform to obtain standard documents. The CML Handbook incorporates an express question for banks to cite who to contact to obtain standard documents. Platform in their Part 2’s state: Don’t forget to quote the firm’s Platform solicitors panel number.