The Mortgage Business Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a search facility.

The Mortgage Business 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’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as The Mortgage Business 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. Is this covered within your Terms of Engagement or Report on Title?

A leading search supplier lists over 70 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 Searches UK.

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the The Mortgage Business conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

List of all those who fund the firm, including non-lawyers if applicable

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

Full complaints history for each conveyancing solicitor

SRA or equivalent regulator registration number where applicable

Full career history for each solicitor including admission date to the relevant Law Society

Charge registration history

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

List of fee-earners who are foreign qualified

List of all those staff who work within the conveyancing team

What you should do largely depends on the reason that your firm has been removed off the The Mortgage Business conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the The Mortgage Business conveyancing panel.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for The Mortgage Business solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should communicate with The Mortgage Business to obtain standard documents. The CML Handbook has an individual section for lenders to establish who to contact to obtain standard documents. The Mortgage Business in their Part 2’s state: You will need to quote your The Mortgage Business conveyancing panel number.