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Lloyds Solicitor Panel: Recently Asked Questions
What obligations do I have,
being on the
Lloyds conveyancing panel, to carry out a LMO4 search?
Lloyds make no specific obligation to carry out any of
the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must
ensure that any other searches which may be appropriate to the
particular property, taking into account its locality and other
features are carried out’.
Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Lloyds are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.
Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Is this covered within your Terms of Engagement or Report on Title?
One search supplier lists over 65 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as Searchflow.
A long standing client of my firm is purchasing a detached house for £750k in Leeds requiring a mortgage advance over GBP 450,000.
I am on the
Lloyds conveyancing panel but do Lloyds have a separate approved panel when the advance is above 400,000?
Lexsure only know of two or three lenders that operate a separate conveyancing panel where the mortgage advance is over a certain threshold.
You should nevertheless check directly with
Lloyds. At one stage HSBC would only allow Sole
practitioners to act for them where the mortgage was below
£150,000. We are not sure if HSBC still operate such a condition. In
your case it is best to check with Lloyds
Given my firm’s membership on the Lloyds conveyancing panel how long am I expected to retain the complete conveyancing file?
The Council of Mortgage Lender requirements of
Lloyds are silent on this. Most mortgage companies address the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally
suitable compliance with this requirement. Many lenders point out in
that it is the practice of some fraudsters to demand the conveyancing
file on completion in order to destroy evidence that may later be
used against them. It is therefore important to retain these
documents to protect Lloyds’s interest. To be
absolutely sure of Lloyds requirements in this regard
please check the Terms and Conditions of Lloyds’s
conveyancing panel appointment.
Do publish figures exists disclosing the
Lloyds conveyancing panel size and the number of conveyancing firms dismissed each quarter?
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
Lloyds conveyancing panel but for all mortgage panels
I am a sole practitioner firm on the Lloyds conveyancing panel. Do you have ideas as to how we can market our practice as conducting conveyancing in Hendon on the Lloyds panel?
5 potential conveyancing clients search for a conveyancing practitioner on the Lloyds panel on a monthly basis in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be listed by those searching for conveyancing in Hendon.
JLT’s PI Insurance renewal form questions if my firm had been excluded from any lender panels in the last year.
I recently discovered that the firm is no longer on the
Lloyds conveyancing panel? Will that effect my PII premium?
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 Lloyds solicitor panel
membership. Please remember that it is always important that you
complete your insurance forms accurately.
I am on the
Lloyds
conveyancing panel and all set to complete a remortgage within the next week. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Lloyds to obtain duplicate documents?
You would be advised to get in touch with Lloyds
to obtain standard documents. The CML Handbook incorporates an individual question for lenders to reveal who to contact to obtain standard documents.
Lloyds in their Part 2’s state:
It is likely that you will need to quote the firm’s Lloyds solicitors panel number.
Find a Lawyer on the Lloyds Solicitors Panel
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Average number of days to register title including a charge in favour of Lloyds
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | 54.7 |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Lloyds Firms
- Draft Report on Title precedent for Lloyds borrowers
- Draft Anti Money Laundering PolicyTemplate for Lloyds panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Lloyds lender panel
- Buy-to-Let help for Lloyds
- Consent-to-Let help for Lloyds
- Contractor Mortgages with Lloyds
