Platform Conveyancing Panel Information

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

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook relevant to a solicitor on the Platform conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

Please tread carefully here as what you are proposing 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 conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

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

You need to get in touch with Platform to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to enumerate who to contact to obtain standard documents. Platform in their Part 2’s state: It is likely that you will need to quote the firm’s Platform solicitors panel number.