Aviva Equity Release Conveyancing Panel Information

The Law Society of Scotland has suggested that solicitors should check their panel status with lenders before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Aviva Equity Release conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

There are many reports available, five of which are as follows:

• Evidence of undertaking logs
• Number of conveyancing cases by lender
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Current and historic missed priority dates
• Average time frame to send deeds to the lender (calculated from completion date or title registration)

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Aviva Equity Release 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.

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

In this situation please clarify on the form what steps you have taken to discover the reasons behind cancellation of your Aviva Equity Release panel membership. 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 need to get in touch with Aviva Equity Release to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express section for banks to establish who to contact to obtain standard documents. Aviva Equity Release in their Part 2’s state: Always remember to disclose the firm’s Aviva Equity Release conveyancing panel number.