Intelligent Finance Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. It is a unique risk management tool.

This system is the only way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Intelligent Finance’s changes. Even though using COMPLETIONmonitor is not a condition for being on the Intelligent Finance panel, demonstrating you can remain up to date with Intelligent Finance’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, protect your firm’s panel status.

The software creates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

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Mortgage companies often vary their requirements. The UK Finance Lenders’ Handbook requirements from Intelligent Finance are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, Intelligent Finance has made 332 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 8.2 days. In total, 41% of the sections of P2 of the UK Finance Lenders’ Handbook for Intelligent Finance have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
4.5a 28/06/2019 CML
5.14.15a 28/06/2019 CML Absentee Landlord Indemnity Insurance
6.1.3 28/06/2019 CML
6.9.1 28/06/2019 CML Unknown Rights and Easements Indemnity Insurance
6.7.1 10/07/2017 CML
16.3.2 18/02/2016 CML
16.5.2 18/02/2016 CML
17.1.1 18/02/2016 CML
3.2.4 18/02/2016 CML
5.14.9 18/02/2016 CML

Last update 27/03/2020

Q and A’s regarding the Intelligent Finance Solicitor Panel from members of the public

Is there a reason why all property lawyers are not on the Intelligent Finance Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
can you help? My lawyer is assuring me that he is legally obliged to conduct a Local Authority search as the firm are on the Intelligent Finance solicitor panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Intelligent Finance your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Intelligent Finance’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Intelligent Finance. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do I have to pop into the offices of the Intelligent Finance conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in London so that I can pop in to their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London .
My house is up for sale and I have a buyer. Does my solicitor have to be on the Intelligent Finance conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Intelligent Finance conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I have paid off my mortgage with Intelligent Finance. I assume I don't need a solicitor on the Intelligent Finance panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Intelligent Finance mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Intelligent Finance mortgage from the register. Intelligent Finance,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage: but are not moving to another property where the Intelligent Finance has sent the Land Registry the discharge electronically, and the Intelligent Finance has instructed the Land Registry to do so The Land Registry will send you a letter confirming that your Intelligent Finance mortgage has been paid off.
My existing mortgage is with Intelligent Finance. My uncle retired last week and wants to pay off the mortgage left on the property. After Intelligent Finance is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Intelligent Finance conveyancing panel? I do not intend to live at the property once the Intelligent Finance mortgage is discharged.
You will need a solicitor but they need not be on the Intelligent Finance conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
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 called into my local branch Intelligent Finance on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Intelligent Finance 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 Intelligent Finance. Unless your lawyer obtains specific confirmation in writing that Intelligent Finance 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 Intelligent Finance to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.