LiveMore Conveyancing Panel Recently Asked Questions
from members of the public
I would like to know the reason why all UK lawyers are not on the LiveMore Conveyancing panel?
Lenders 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
Please assist. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from LiveMore was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer informs me that as she is on the LiveMore conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions to being on the LiveMore approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on LiveMore)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to LiveMore.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the LiveMore conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
Can you clarify what the consequences are if my lawyer’s firm is removed from the LiveMore Solicitor panel in advance of the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to mortgage companies such as LiveMore do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I previously instructed online solicitors located in Bristol who are on the LiveMore solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the LiveMore mortgage. Is this a supplemental conveyancing fee specified by LiveMore?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by LiveMore but by your lawyers. Some firms on the LiveMore will charge an ‘acting for lender’ fee and others do not.
My wife and I have arranged a further advance on our mortgage from LiveMore as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the LiveMore conveyancing panel to deal with the legals?
LiveMore would not normally appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the LiveMore list