Zephyr Mortgages Conveyancing Panel Information

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.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Zephyr Mortgages conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

Zephyr Mortgages approved panel lawyers have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Zephyr Mortgages require, the deed of covenant on their behalf. You will need to check Zephyr Mortgages CML Part 2 conditions to see if Zephyr Mortgages have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Zephyr Mortgages conveyancing panel

6 potential conveyancing clients search for a conveyancer on the Zephyr Mortgages panel on a monthly basis in Hendon. Please contact the team at lenderpanel.com to see how your firm can be listed by those searching for conveyancing in Hendon.

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 conveyancing solicitors. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership such as HSBC.

You should communicate with Zephyr Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit section for banks to reveal who to contact to obtain standard documents. Zephyr Mortgages in their Part 2’s state: Don’t forget to quote your Zephyr Mortgages conveyancing panel number.