Fleet Mortgages Conveyancing Panel Information

The requirements to join the Fleet Mortgages conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The Scottish Law Society has advised that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Fleet Mortgages 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

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

In the circumstances please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Fleet Mortgages panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should get in touch with Fleet Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit question for banks to reveal who to contact to obtain standard documents. Fleet Mortgages in their Part 2’s state: Don’t forget to disclose the firm’s Fleet Mortgages solicitors panel reference.