Rooftop Mortgages Conveyancing Panel Information

Rooftop Mortgages make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Rooftop Mortgages are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search supplier lists over 65 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searchflow.

As is the case with the Law Society the Council of Licensed Conveyancers has initiated dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Rooftop Mortgages as well as the BSA.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, 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 Rooftop Mortgages immediately. (II) 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 Rooftop Mortgages’s mortgage offer are correct. If they are not, please let Rooftop Mortgages know as soon as possible as it will be necessary for Rooftop Mortgages to check with the valuer whether the valuation needs to be revised. Rooftop Mortgages conveyancing panel solicitors are not expected to assume the role of valuer. Rooftop Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. (c) Rooftop Mortgages 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. Rooftop Mortgages recommend that, if we send a copy of a valuation report that Rooftop Mortgages 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 Rooftop Mortgages 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 Rooftop Mortgages conveyancing panel

With banks and conveyancers working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Rooftop Mortgages conveyancing panel but for all mortgage panel listings

In this situation please explain on the form what steps you have taken to discover the reasons behind cancellation of your Rooftop Mortgages panel status. 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 would be advised to contact Rooftop Mortgages to obtain standard documents. The CML Handbook contains an explicit inquiry for lenders to establish who to contact to obtain standard documents. Rooftop Mortgages in their Part 2’s state: Don’t forget to disclose the firm’s Rooftop Mortgages solicitors panel number.