Accord Mortgages Conveyancing Panel Information

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

Full disciplinary history for each conveyancing solicitor

Solicitor

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

List of all those who fund the firm, including non-lawyers if applicable

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of management)

Details of any accreditation e.g. Lexcel or

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

Number of partners per branch of the firm

House price discrepancies (declared to lender vs. registered at Land Registry)

Full complaints history for each conveyancing solicitor

During 2013, 71 sections of the UK Finance Lenders’ Handbook P2 were changed by Accord Mortgages. Some changes are more important than others but as a firm on the Accord 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: UK Finance 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. 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 Accord 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 Accord Mortgages’s mortgage offer are correct. If they are not, please let Accord Mortgages know as soon as possible as it will be necessary for Accord Mortgages to check with the valuer whether the valuation needs to be revised. Accord Mortgages conveyancing panel solicitors are not expected to assume the role of valuer. Accord Mortgages are simply trying to ensure that the valuer has valued the property based on correct information. (c) Accord 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. Accord Mortgages recommend that, if we send a copy of a valuation report that Accord 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 structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Accord 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 Accord Mortgages conveyancing panel

In this situation please clarify on the form what action you have taken to discover the reasons behind cancellation of your Accord Mortgages panel status. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should get in touch with Accord Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific question for lenders to set out who to contact to obtain standard documents. Accord Mortgages in their Part 2’s state: It helps to disclose the firm’s Accord Mortgages solicitors panel reference.