Landbay Partners Conveyancing Panel Information

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

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, 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 Landbay Partners immediately. (b) 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 Landbay Partners’s mortgage offer are correct. If they are not, please let Landbay Partners know as soon as possible as it will be necessary for Landbay Partners to check with the valuer whether the valuation needs to be revised. Landbay Partners conveyancing panel solicitors are not expected to assume the role of valuer. Landbay Partners are simply trying to ensure that the valuer has valued the property based on correct information. (c) Landbay Partners 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. Landbay Partners recommend that, if we send a copy of a valuation report that Landbay Partners 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 Landbay Partners 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 Landbay Partners conveyancing panel

Given that your practice in is on the Landbay Partners conveyancing panel and you are representing 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 Landbay Partners are to lend, they may require indemnity insurance. In any event,you will need to check Landbay Partners’s specific requirements. Notwithstanding whether Landbay Partners will lend in such circumstances you still need to advise the borrower (unless you are acting for Landbay Partners alone) as to the risks of buying a property with an insolvent or absentee landlord.

With lenders and conveyancers working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Landbay Partners conveyancing panel but for all lender panels

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 Landbay Partners solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Landbay Partners to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific question for banks to cite who to contact to obtain standard documents. Landbay Partners in their Part 2’s state: Always remember to quote the firm’s Landbay Partners conveyancing panel number.