Rooftop Mortgages Conveyancing Panel Information

We can't comment specifically on Rooftop Mortgages. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the buyer client and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if she is in dispute with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

You might expect Rooftop Mortgages via their Part 2 conditions to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Rooftop Mortgages’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms have a clause such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Rooftop Mortgages informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

In the same way that there is a unique Rooftop Mortgages conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

Rooftop Mortgages approved panel lawyers have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Rooftop Mortgages require, the deed of covenant on their behalf. You will need to check Rooftop Mortgages CML Part 2 conditions to see if Rooftop Mortgages have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Rooftop Mortgages conveyancing panel

In this situation please explain on the form what action you have taken to discover the reasons behind cancellation of your Rooftop Mortgages panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to communicate with Rooftop Mortgages to obtain standard documents. The CML Handbook incorporates an explicit question for lenders to set out who to contact to obtain standard documents. Rooftop Mortgages in their Part 2’s state: It is likely that you will need to quote the firm’s Rooftop Mortgages conveyancing panel reference.