Hodge Equity Release Conveyancing Panel Information

Hodge Equity Release 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 Hodge Equity Release 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 client.

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?

A leading search provider lists over 65 conveyancing 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 contact your search provider or call one of the leading search companies such as STL.

Many estate agents will be feeling the pain if their clients start out on the buying process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

The Council of Mortgage Lender requirements of Hodge Equity Release are silent on this. Most lenders address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 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 Hodge Equity Release’s interest. To be absolutely sure of Hodge Equity Release requirements in this regard please check the Terms and Conditions of Hodge Equity Release’s conveyancing panel acceptance.

One might ordinarily expect Hodge Equity Release via their Part 2 requirements to address this but the Handbook makes no mention on time frames. Do look at the Terms of Hodge Equity Release’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms contain a clause along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Hodge Equity Release informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your application but gives the Law Society viability as to what has gone on.

You would be advised to get in touch with Hodge Equity Release to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific inquiry for banks to reveal who to contact to obtain standard documents. Hodge Equity Release in their Part 2’s state: It helps to quote your Hodge Equity Release conveyancing panel reference.