Intelligent Finance Conveyancing Panel Information

The criteria to join the Intelligent Finance conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The answer to this question really depends on the reason that your firm has been removed off the Intelligent Finance 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 Intelligent Finance conveyancing panel.

During 2013, 37 sections of the UK Finance Lenders’ Handbook P2 were changed by Intelligent Finance. Some changes are more important than others but as a firm on the Intelligent Finance 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.

CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their panels. Some Lenders now use CQS as the starting point for Panel approval such as Astra Mortgages.

You should get in touch with Intelligent Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit section for lenders to set out who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: Please remember to quote the firm’s Intelligent Finance solicitors panel reference.