Hodge Equity Release Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a separate approved solicitors panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Hodge Equity Release. 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 Hodge Equity Release

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Hodge 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.

You will be aware of the trend in recent years for lenders such as Hodge Equity Release to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Hodge Equity Release panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Hodge Equity Release have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Hodge Equity Release’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Hodge Equity Release. You will no doubt be required to undertake directly to Hodge Equity Release’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Hodge Equity Release conveyancing panel.

We would recommend that you 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 need to get in touch with Hodge Equity Release to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for banks to enumerate who to contact to obtain standard documents. Hodge Equity Release in their Part 2’s state: Please remember to disclose your Hodge Equity Release solicitors panel number.