First Direct Conveyancing Panel Information

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with First Direct as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from First Direct we suggest that you call First Direct to check the position.

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

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

With banks and solicitors 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 First Direct conveyancing panel but for all lender panel listings

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

You should communicate with First Direct to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual question for banks to cite who to contact to obtain standard documents. First Direct in their Part 2’s state: It helps to quote your First Direct solicitors panel number.