Tag: lender panel
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LMS Lender Panel Fee Increase
LMS are set to increase the current £25 plus VAT per completion charge to £35 plus VAT for all instructions received on or after 1st March 2024 Instructions received prior to 1st March 2024 will continue to be paid at the current rate. All LMS lender panels remain free to join at the point application…
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Will Latest HMLR Initiative Hurt Firms?
At first instance, the latest HMLR dealing with lender policy seems like a helpful initiative. Don’t be fooled though: there is a sting in the tail. HM Land Registry has recently initiated the provision of direct access to application data for lenders. This access allows them to view the status of all mortgage security registration…
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CQS Dealing with Lenders Policy – What’s the Point?
The primary objective of a Dealing with Lenders Policy is to make it clear that when acting on a purchase or remortgage, the lender is just as much your client as the borrower. Therefore, one has a professional duty to follow their instructions. This is reinforced in the 2022 CQS Core Pratice Managment Standards. When…
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The Pandemic Induced Panel Cull
Research by a peer to peer lending platform Sourced Capital has found that the UK property market could see a double-digit rate of property value decline, with the market taking over five years to recover, while the number of property repossessions could also soar as a result of a COVID-19 induced recession. It is too…
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Conveyancers Up Their Game to Cope with Market Slowdown
Conveyancers have experienced their first significant dip in workload for a decade, providing further evidence of a marked slowdown in the housing market. Firms are now having to shift gears. For the last few years the primary concern of conveyancing practices was how to cope with the volume of instructions. Particular attention was…
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Does Brexit Spell the Exit for Firms on Lender Panels?
The Bank of England’s governor has recently warned the cabinet that a chaotic no-deal Brexit could crash house prices. His worst-case scenario was that house prices could fall as much as 35% over three years. If such a prediction comes to pass it will be destructive for conveyancing firms. Lenders will not swallow their losses…
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Conveyancing Lawyers Get Help Showing Lender Panel Status
Gone are the days when a home buyer could be certain that the conveyancing lawyer of their choice could also act for their lender. Hardly a month now goes by without news that yet another lender has culled its conveyancing panel by removing hundreds of firms. Estate agents have seen 18% of their transactions delayed…
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The Law Society's 9-Month Change of Heart
“A number of rated insurers have withdrawn from this segment and the gap has been filled by unrated insurers, some of whom enter for a few years before withdrawing or, worse, becoming insolvent. This is extremely detrimental to the profession”. Des Hudson, August 2013: “The fact that an insurer is unrated does not of itself mean…
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Sharing the lender panel pain with mortgage brokers
“This decision has destroyed my livelihood. Since being struck off panel, I have been told I can no longer be a member of my network, other lenders have refused my registrations and I have struggled to find another network to take me on. I have been a broker for over 10 years and have never…
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Did she really just say that ?
Following on from HSBC’s controversial decision to restrict their conveyancing panel just 43 firms (down from approximately 4000) the bank may have added fuel to the fire by certain assertions about the quality of the restricted panel. The Guardian Newspaper yesterday quoted HSBC spokeswoman Suman Hughes who said that while previously it “couldn’t guarantee the…