Lloyds Conveyancing Panel Compliance Audit

It is highly likely that in the future your firm will have a file audited to check for compliance with the conveyancing panel Handbook requirements of Lloyds. Would you prefer to be commissioning the audit or would you prefer to wait for your insurer or Lloyds?

Lloyds is in all probability one of your most important clients for conveyancing work.

Are you 100% sure that you are adhering to the instructions as a practice on the Lloyds conveyancing panel?

As far as we are aware Lexsure is uniquely positioned to conduct a comprehensive lender panel compliance audit for your conveyancing files where Lloyds are the lending client.

Lexsure’s full directory of Lloyds Handbook instructions gives us the ability to review a law firms’ conveyancing cases whilst on the Lloyds conveyancing panel retrospectively and in the same vein as Lloyds would.

Lexsure’s panel of expert assessors objectively review utilising propriety templates and Lender obligation archives whether each conveyancing matter complied with the requirements when the CoT was issued.

For conveyancing firms where their search provider is not offering the service, our costs is £1,975+VAT. Our team tend to examine nine transaction files involving Lloyds, which we can stratify by tenure (e.g. leasehold) year of completion or other variables.

Once the fieldwork is completed, we will present you with a full written findings for your transactions with Lloyds and a baseline risk score. We will also meet with you to explain our expert findings and guidance in a formal debrief. Further audits will occur. Lexsure will contact the practice manager to request the status of actions taken. No more than one lender conveyancing panel audits may be commissioned by a practice in a twelve month period.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to choose the date, time and location of a Lloyds 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 Lloyds panel compliance review. Please note that before accepting a Lloyds conveyancing panel compliance file audit we have to conduct a conflict check. It is sometimes not possible for Lexsure to agree to a Lloyds panel Handbook risk file audit

Answers to Frequently asked questions concerning Lloyds Conveyancing File Audits

I have been informed that if I book an audit through certain search providers that I can have the lender compliance conveyancing audit for free. Is that right?

At the time of preparing this answer we we have not heard of any such offer but please contact your search provider directly and ask them to call us. Once in a while discount voucher codes are available via participating search companies.

Whilst I do not require the services of Lexsure for an Lloyds UK Finance Mortgage Handbook Audit, I would like access to P2 requirements for Lloyds for a specific date. Is this something you are able to assist with?

Subject to the date of the P2’s, we may be able to assist. Please contact us directly asking to speak to someone in the Lexsure Litigation Support Team.

Can you give examples of some of the more common Lender Handbook breaches by conveyancing lawyers on the Lloyds panel?

Lexsure frequently host conveyancing webinars focused on breaches across all lenders. Please contact your search company to make a reservation.

Are lender Handbook audits common?

It is on the increase. Even with repossessions at a low rate lenders are on the move with conveyancing file inspections are already on the increase. Lenders (although not specifically Lloyds) and PI insurers complain that non-compliance is still all too frequent, even in reputable conveyancing firms. With pressure on interest rates and an uncertain financial climate, we recommend ensuring your compliance before repossessions rise and even more file audits are commissioned by lenders and insurers.

Why would my firm consider a Lloyds handbook compliance audit?

Lexsure occasionally talk with Lloyds conveyancing panel firms who are confident that they have robust compliance protocols. Yet Lexsure sees common breaches of the lender Handbook instructions. In fact, we have yet to complete an audit that didn’t uncover any breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Breaches of handbook requirements for Lloyds 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 there aren’t costly skeletons in your conveyancing cupboard.