Coventry Building Society Conveyancing Panel Compliance Audit

It is very likely that in the future your firm will receive a file request to check for breaches of the conveyancing panel Handbook requirements of Coventry Building Society. Would you opt to be commissioning the audit or would you rather wait for your insurer or Coventry Building Society?

Coventry Building Society is most likely one of the firm’s most valued clients for conveyancing work.

Are you 100% sure that you are strictly following the requirements as a firm on the Coventry Building Society conveyancing panel?

It’s not a bad idea to bring in your own external auditors who may conduct your CQS audits but Lexsure stand alone in being able to carry out a full lender panel compliance audit for your conveyancing files where Coventry Building Society are the lending client.

Our complete bank of Coventry Building Society Handbook instructions enables us to audit a law firms’ conveyancing cases whilst on the Coventry Building Society conveyancing panel retrospectively and in much the same way as Coventry Building Society would.

Lexsure’s panel of experienced auditors impartially assess using propriety templates and Lender Handbook archives whether each conveyancing matter breached the requirements at the point that the CoT was issued.

In the absence of your search company offering the service as part of your account management the fee for a Coventry Building Society compliance panel audit is £1,975+VAT. We tend to analyse 6 transaction files involving Coventry Building Society, which we can randomly select by tenure (e.g. leasehold) year of completion or other characteristics.

Once finished, we will prepare a full written compliance profile for your cases with Coventry Building Society and a baseline risk summary. We can also follow-up with you to present our auditor’s findings and guidance in a formal debrief. Subsequent audits will occur. Our office will contact the managing partner to request the status of actions taken. A maximum of two lender conveyancing panel audits may be requested by a firm per annum.

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

Coventry Building Society Conveyancing File Audits : How can we help you?


If my firm is an existing user of Lexsure services, such as e-ROT does my firm have access to a yearly Lexsure Lender Compliance Audit at no extra cost?

The Lexsure Lender Compliance Audit is a separate facility for conveyancing firms on lender panels and is independently invoiced.

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

No

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 Coventry Building Society) 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 panel managers.

When can I expect my written report to share with my fellow directors following an audit of our firm's Coventry Building Society panel conveyancing files?

The intention is to issue a written report within ten working days of the audit taking place.

What happens if or when you uncover breaches? Do you inform Coventry Building Society or their panel managers?

This is a common question. Where a conveyancing file audit is commissioned by your firm and Lexsure uncovers problems, they are often easily categorised. We can not undo the breach but we are able to suggest adjustments to the problematic parts of your risk prevention protocols and checklists. In addition we can advise on tools to improve with the aim of protecting your panel status.

Where commissioned by your firm Lexsure has no duty to report breaches to Coventry Building Society and we will ensure the results of your audit are completely confidential.