Foundation Home loans Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. It is a unique risk management tool.

This software assists the way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Foundation Home loans’s changes. Even though using COMPLETIONmonitor is not a prerequisite for Foundation Home loans , demonstrating you can remain up to date with Foundation Home loans’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, safeguard your panel standing.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. It is also user friendly, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Foundation Home loans

Mortgage companies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Foundation Home loans are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Foundation Home loans has made 55 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 49.6 days. In total, 25% of the sections of P2 of the UK Finance Lenders’ Handbook for Foundation Home loans have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
1.11b 06/04/2020 CML
14.2.2 12/03/2020 CML
12.3.1 09/03/2020 CML
4.5b 09/03/2020 CML
5.13.1 09/03/2020 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
5.10.1 09/03/2020 CML
6.1.3 09/03/2020 CML
6.7.1 09/03/2020 CML
5.20.4 09/03/2020 CML
6.7.1 08/08/2018 CML

Last update 01/04/2020

Foundation Home loans Conveyancing Panel Sample Enquires to our Call Center from members of the public

It has come to my attention via my mortgage broker that my the law firm I have appointed is not on the Foundation Home loans Solicitor panel. What can I do to check?
The best course of action for you to take is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Foundation Home loans.
Our solicitor has identified a defect with the lease for the property we are purchasing. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Foundation Home loans conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Foundation Home loans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Foundation Home loans are the client. A precondition to being on the Foundation Home loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Foundation Home loans). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Foundation Home loans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I have been searching for competitive conveyancing fees. Can I be confident that all the firms that are listed on your directory are on the Foundation Home loans conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Foundation Home loans panel and agreed to advise us to take down their listing in the event of removal off of the Foundation Home loans panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Foundation Home loans conveyancing panel is incorrect.
I was expecting to complete on my first house yesterday. My lawyer’s firm is on the Foundation Home loans solicitors panel but has changed address 8 weeks ago and had not informed Foundation Home loans of their new address. Foundation Home loans is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Foundation Home loans branch or your mortgage broker to see if they can assist.
My husband and I are in the throws of viewing flats and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Foundation Home loans
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Foundation Home loans , make sure you remember to check that your lawyer is on the Foundation Home loans conveyancing panel.
I am currently in the process of buying my council flat. I have a mortgage offer with Foundation Home loans. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Foundation Home loans you will need to appoint a solicitor on the Foundation Home loans conveyancing panel.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Foundation Home loans on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Foundation Home loans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Foundation Home loans. Unless your lawyer obtains specific confirmation in writing that Foundation Home loans will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Foundation Home loans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.