LendInvest Conveyancing Panel Information

The Council of Mortgage Lender 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 a minimum six 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 membership.

One might ordinarily expect LendInvest via their Part Two obligations to address this but the Handbook is silent on time frames. Do look at the Terms of LendInvest’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms include a provision such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep LendInvest updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

In the same way that there is a unique LendInvest 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.

LendInvest approved solicitors are bound by 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 LendInvest require, the deed of covenant on their behalf. You will need to check LendInvest CML Part 2 conditions to see if LendInvest 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 LendInvest conveyancing panel

CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some mortgage companies now use the scheme as the starting point for Panel acceptance as is the case with HSBC.

You should contact LendInvest to obtain standard documents. The CML Handbook includes an individual inquiry for lenders to enumerate who to contact to obtain standard documents. LendInvest in their Part 2’s state: Please remember to disclose your LendInvest conveyancing panel reference.