Intelligent Finance Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Intelligent Finance as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Intelligent Finance we suggest that you call Intelligent Finance to check the position.

In the same way that there is a unique Intelligent Finance conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

Intelligent Finance approved solicitors have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Intelligent Finance require, the deed of covenant on their behalf. You will need to check Intelligent Finance CML Part 2 conditions to see if Intelligent Finance have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Intelligent Finance conveyancing panel

With lenders and conveyancing firms working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Intelligent Finance conveyancing panel but for all mortgage panels

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 join their approved list of conveyancing solicitors. Some mortgage companies now use CQS as the starting point for Panel acceptance such as Astra Mortgages.

You should get in touch with Intelligent Finance to obtain standard documents. The CML Handbook incorporates an individual inquiry for banks to reveal who to contact to obtain standard documents. Intelligent Finance in their Part 2’s state: Always remember to quote your Intelligent Finance solicitors panel reference.