Pepper Money Conveyancing Panel Information

The CML, together with Pepper Money and other lenders developed a standard set of instructions where a conveyancer is representing a lender such as Pepper Money alone in a residential conveyancing transaction. These legal instructions are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Sections One and Two. The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.

During 2013, 0 sections of the UK Finance Lenders’ Handbook P2 were changed by Pepper Money. Some changes are more important than others but as a firm on the Pepper Money 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.

Given that your practice in is on the Pepper Money conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Pepper Money are to lend, they may require indemnity insurance. In any event,you will need to check Pepper Money’s specific requirements. Notwithstanding whether Pepper Money will lend in such circumstances you still need to advise the borrower (unless you are acting for Pepper Money alone) as to the risks of buying a property with an insolvent or absentee freeholder.

With banks and conveyancers working so closely together 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 Pepper Money conveyancing panel but for all bank panel listings

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Pepper Money solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should contact Pepper Money to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual inquiry for lenders to cite who to contact to obtain standard documents. Pepper Money in their Part 2’s state: It is likely that you will need to quote the firm’s Pepper Money solicitors panel reference.