Hodge Equity Release Conveyancing Panel Information

No such training is arranged by the CML although they do provided numerous general conveyancing related conferences which are attended by firms on the Hodge Equity Release conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Hodge Equity Release’s Part 2 obligations. Practitioners on the Hodge Equity Release conveyancing panel will be invited. Further details will be communicated as part of the LENDERmonitor Alerts.

The fact of the matter is that estate agents will be feeling the pain if their clients start out on the conveyancing process using a solicitor 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 lawyers.

What you should do largely depends on the reason that your firm has been removed off the Hodge Equity Release conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Hodge Equity Release conveyancing panel.

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 negatively affect your firm’s application but gives the CQS team a complete picture of what has occured.

You would be advised to get in touch with Hodge Equity Release to obtain standard documents. The CML 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: Don’t forget to quote the firm’s Hodge Equity Release conveyancing panel number.