Intelligent Finance Conveyancing Panel Information

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook relevant to a solicitor on the Intelligent Finance conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

Many estate agents will be suffering if their clients start out on the buying process having appointed 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.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Intelligent Finance immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Intelligent Finance’s mortgage offer are correct. If they are not, please let Intelligent Finance know as soon as possible as it will be necessary for Intelligent Finance to check with the valuer whether the valuation needs to be revised. Intelligent Finance conveyancing panel solicitors are not expected to assume the role of valuer. Intelligent Finance are simply trying to ensure that the valuer has valued the property based on correct information. (c) Intelligent Finance recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Intelligent Finance recommend that, if we send a copy of a valuation report that Intelligent Finance have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Intelligent Finance or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Intelligent Finance conveyancing panel

15 people attempt to locate a conveyancing practitioner on the Intelligent Finance panel each month in Hendon. Please contact the team at lenderpanel.com to see how your firm can be listed by those searching for conveyancing in Hendon.

CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance such as Santander.

You would be advised to communicate with Intelligent Finance to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for lenders to reveal who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: Don’t forget to disclose your Intelligent Finance conveyancing panel reference.