Zephyr Mortgages Conveyancing Panel Information

The CML Part II requirements of Zephyr Mortgages are silent on this. Most lenders address the question of file retention via their Terms of panel appointment 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 Zephyr Mortgages’s interest. To be absolutely sure of Zephyr Mortgages requirements in this regard please check the Terms and Conditions of Zephyr Mortgages’s conveyancing panel appointment.

One might ordinarily expect Zephyr Mortgages via their Part 2 obligations to address this but the Handbook makes no mention on time frames. Do look at the Terms of Zephyr Mortgages’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms contain 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 Zephyr Mortgages updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

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

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Zephyr Mortgages conveyancing panel to see if you are entitled to a reason.

The Law Society’s CQS accreditation is 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 conveyancing solicitors. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with Astra Mortgages.

You need to contact Zephyr Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific inquiry for banks to establish who to contact to obtain standard documents. Zephyr Mortgages in their Part 2’s state: It is likely that you will need to disclose your Zephyr Mortgages solicitors panel number.