Bluestone Mortgages Conveyancing Panel Compliance Audit

Can you afford to be removed from the Bluestone Mortgages panel? Put your mind at rest by ensuring that you are acting in accordance with the BSA Mortgage Instructions for Bluestone Mortgages.

Bluestone Mortgages is undoubtedly one of the firm’s most valued clients for conveyancing work.

Can you be sure that you are complying with the requirements as a practice on the Bluestone Mortgages conveyancing panel?

You can ask one of your team to carry out an audit but Lexsure stand alone in being able to carry out a full lender panel compliance audit for your conveyancing files where Bluestone Mortgages are the the mortgagor.

Lexsure’s comprehensive bank of Bluestone Mortgages Handbook instructions enables us to analyse a law firms’ conveyancing cases whilst on the Bluestone Mortgages conveyancing panel retrospectively and in the same vein as Bluestone Mortgages would.

Our panel of expert auditors objectively assess using propriety templates and Lender instruction archives whether each conveyancing matter breached your contractual obligations at the point that the Certificate of Title was signed off.

In the absence of your search company offering the service as part of your account management the fee for a Bluestone Mortgages compliance panel audit is £1,975+VAT. Our team will audit 6 transaction files involving Bluestone Mortgages, which we can randomly select by tenure (e.g. leasehold) date or other characteristics.

Once the fieldwork is completed, Lexsure will compile a detailed findings for your files with Bluestone Mortgages and a baseline risk score. We can also arrange a conference call with you to present our expert findings and guidance in a formal interview. Audit follow-up can be scheduled. Lexsure will contact the head of conveyancing to request the status of actions taken. A maximum of two lender conveyancing panel audits may be requested by a practice a year.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to select the date, time and location of a Bluestone Mortgages conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or rebook a Bluestone Mortgages panel compliance file audit. Please note that before accepting a Bluestone Mortgages conveyancing panel compliance audit we have to conduct a conflict check. It is sometimes not possible for Lexsure to agree to a Bluestone Mortgages panel compliance file audit

Common queries about Bluestone Mortgages conveyancing file audits

Is it possible for Lexsure to conduct Lender Compliance Audits remotely as our conveyancing lawyers are not in the office?

Yes, subject to certain criteria which we will send you by way of email.

I chatted with a neighbouring practice who had commissioned an audit for their Bluestone Mortgages conveyancing files but I was told by Lexsure that this was not possible for my firm due to a conflict of interest. Why would this be the case?

For further information see here.

Why would my firm consider a Bluestone Mortgages handbook compliance audit?

Lexsure occasionally meets Bluestone Mortgages conveyancing panel firms who are confident that they have ‘bulletproof’ risk protocols. Yet Lexsure sees common breaches of the lender Handbook instructions. In fact, we rarely complete an audit that didn’t reveal any breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Non-compliance with handbook requirements for Bluestone Mortgages or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even disciplinary action by your regulator. Lexsure’s lender compliance audits are an efficient way to ensure all is in order.

Is there an option for the audit to cover commercial conveyancing files with lender compliance issues?

No. The lender compliance audit does not extend beyond residential conveyancing.

My firm is on the Bluestone Mortgages conveyancing panel and I am considering using your services for conveyancing file audits. Is Lexsure a member of The Institute of Internal Auditors?