LendInvest Conveyancing Panel Information

Section 16.2.1 of Part 1 of the Handbook relevant to a solicitor on the LendInvest 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’.

We are not aware of any intention on the part of the CML to develop such a search facility.

The CML Part II requirements of LendInvest are silent on this. Most mortgage companies deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect LendInvest’s interest. To be absolutely sure of LendInvest requirements in this regard please check the Terms and Conditions of LendInvest’s conveyancing panel appointment.

You will be aware of the trend in recent years for lenders such as LendInvest 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 LendInvest panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and LendInvest 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 LendInvest’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 LendInvest. You will no doubt be required to undertake directly to LendInvest’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 LendInvest conveyancing panel.

CQS accreditation 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 firms. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as Astra Mortgages.

You should communicate with LendInvest to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual section for lenders to enumerate who to contact to obtain standard documents. LendInvest in their Part 2’s state: Please remember to disclose your LendInvest solicitors panel reference.