Zephyr Mortgages Conveyancing Panel Information

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

The criteria to join the Zephyr Mortgages conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Zephyr Mortgages. Some changes are more important than others but as a firm on the Zephyr Mortgages 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.

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. (I) 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 Zephyr Mortgages immediately. Second, 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 Zephyr Mortgages’s mortgage offer are correct. If they are not, please let Zephyr Mortgages know as soon as possible as it will be necessary for Zephyr Mortgages to check with the valuer whether the valuation needs to be revised. Zephyr Mortgages conveyancing panel solicitors are not expected to assume the role of valuer. Zephyr Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. (III) Zephyr 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. Zephyr Mortgages recommend that, if we send a copy of a valuation report that Zephyr 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 comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Zephyr 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 Zephyr Mortgages conveyancing panel

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some mortgage companies now use CQS as the starting point for Panel membership as is the case with Astra Mortgages.

You need to get in touch with Zephyr Mortgages to obtain standard documents. The CML Handbook incorporates an express section for banks to reveal who to contact to obtain standard documents. Zephyr Mortgages in their Part 2’s state: It helps to quote the firm’s Zephyr Mortgages solicitors panel number.