Rooftop Mortgages Conveyancing Panel Information

As is the case with the Law Society the Council of Licensed Conveyancers has begun discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Rooftop Mortgages as well as the CML.

In order to be on the Rooftop Mortgages conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Rooftop Mortgages) are as follows:

• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.

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

In the circumstances please explain on the application what action you have taken to find out the reasons behind cancellation of your Rooftop Mortgages panel membership. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to communicate with Rooftop Mortgages to obtain standard documents. The CML Handbook contains an explicit inquiry for banks to set out who to contact to obtain standard documents. Rooftop Mortgages in their Part 2’s state: It is likely that you will need to disclose the firm’s Rooftop Mortgages solicitors panel reference.