The Mortgage Lender Conveyancing Panel Information

One might ordinarily expect The Mortgage Lender via their Part Two obligations to address this but the Handbook is silent on time frames. You need to look at the Terms of The Mortgage Lender’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms have a provision 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 imperative to keep The Mortgage Lender updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

In order to be on the The Mortgage Lender conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily The Mortgage Lender) are as follows:

• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• 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.)

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by The Mortgage Lender. Some changes are more important than others but as a firm on the The Mortgage Lender conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

When a solicitor is acting for both The Mortgage Lender and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the The Mortgage Lender and it may well be prudent you to cease to act for the purchaser as well. You can not tell the The Mortgage Lender the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your The Mortgage Lender conveyancing panel status.

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 viability as to what has occured.

You need to contact The Mortgage Lender to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific inquiry for lenders to cite who to contact to obtain standard documents. The Mortgage Lender in their Part 2’s state: Always remember to disclose your The Mortgage Lender conveyancing panel number.