Whistletree Conveyancing Panel Information

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Whistletree 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’.

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 Whistletree conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

SRA or equivalent regulator registration number where applicable

Areas of Law covered by the firm

Full complaints history for each conveyancing solicitor

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Full complaints history for each licensed conveyancer

and Conveyancing Quality Scheme

Whether any lender has ever made a claim against the firm’s PII cover

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

The percentage of the firm’s business which is conveyancing (broken down into sale

List of all those who can sign off the Certificate Of Title

In operating open conveyancing panels, lenders such as Whistletree face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Whistletree and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

Assuming that your firm in is on the Whistletree conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Whistletree are to lend, they may require indemnity insurance. In any event,you will need to check Whistletree’s specific requirements. Notwithstanding whether Whistletree will lend in such circumstances you still need to advise the borrower (unless you are acting for Whistletree alone) as to the risks of buying a property with an insolvent or absentee freeholder.

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your application but gives the CQS team a complete picture of what has happened.

You need to get in touch with Whistletree to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for lenders to reveal who to contact to obtain standard documents. Whistletree in their Part 2’s state: Please remember to disclose the firm’s Whistletree conveyancing panel reference.