Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.
This software assists the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with alerts on Platform’s changes. Even though utilising the tool is not a condition for being on the Platform panel, demonstrating you can remain up to date with Platform’s Handbook requirements is an excellent support to your panel application and, more importantly, safeguard your firm’s panel standing.
The system generates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for many firms, leads to reduced PII premiums.
Find a Law Firm approved by Platform
Mortgage companies often change their requirements. The UK Finance Lenders’ Handbook requirements from Platform are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:
To find out more about lender panel compliance,
Book a Personalised Demo
Recent Changes Include
Last update 24/03/2020
Platform Home Loans Solicitor Panel Example Support Desk Enquires
from members of the public
My partner and I are FTBs. Within the 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans have this evening contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Platform Home Loans and see if they can apply for membership of the Platform Home Loans conveyancing panel, but if that is not viable Platform Home Loans will instruct their own solicitors to act. You don't have to instruct a firm on the Platform Home Loans conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My partner and I intend to remortgage our maisonette with Platform Home Loans. We have a son approaching twenty who lives with us. The solicitor on the Platform Home Loans conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Platform Home Loans conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Platform Home Loans .This is solely used to protect the Platform Home Loans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Platform Home Loans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are there any apps to help find a local solicitor on the Platform Home Loans conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Platform Home Loans solicitor panel.
I am trying to get my ex-wife removed the mortgage deeds. Can Platform Home Loans really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Platform Home Loans then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Platform Home Loans solicitors panel
What are the common reasons for a lender such as Platform Home Loans to withdraw a mortgage offer?
Banks and Building Societies such as Platform Home Loans can revoke their mortgage offer although this is unusual. If Platform Home Loans withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
-
Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Platform Home Loans conveyancing panel solicitors would be obliged to notify Platform Home Loans of a change in the price of the property.
-
A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
-
Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
-
Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
-
If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Platform Home Loans on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Platform 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 Platform Home Loans. Unless your lawyer obtains specific confirmation in writing that Platform 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 Platform Home Loans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
After much negotiation I have agreed a price on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Platform Home Loans conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Platform Home Loans panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
