Hinckley and Rugby Conveyancing Panel Compliance Audit

The main reason to commission a Hinckley and Rugby panel Handbook risk file audit is to put your mind at rest that you are complying with the Handbook requirements of Hinckley and Rugby. Non-compliance runs the risk of claims on your insurance, loss of conveyancing panel status and a tarnished reputation and even SRA action – damage that far outweighs the cost and any minimal, temporary inconvenience that may be caused by you organising a Hinckley and Rugby panel compliance file audit.

Hinckley and Rugby is in all likelihood, one of the firm’s most important clients for conveyancing work.

How certain are you that you are complying with the requirements as a practice on the Hinckley and Rugby conveyancing panel?

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

Our full directory of Hinckley and Rugby Handbook instructions enables us to review a law firms’ conveyancing files whilst on the Hinckley and Rugby conveyancing panel retrospectively and in much the same way as Hinckley and Rugby would.

Our panel of expert auditors objectively review using propriety templates and Lender P2 archives whether each conveyancing matter breached the requirements when the Certificate of Title was signed off.

For conveyancing firms where their search provider is not offering the service, our costs is £1,975+VAT. We will analyse 6 remortgage or purchase files involving Hinckley and Rugby, which we can randomly select by tenure (e.g. leasehold) date or a multitude characteristics.

Once the fieldwork is completed, we will prepare a detailed findings for your transactions with Hinckley and Rugby and a baseline risk profile. We will also meet with you to explain our auditor’s findings and guidance in a formal debrief. Further audits will occur. Lexsure will contact the firm to request the status of planned actions. A maximum of one lender conveyancing panel audits may be commissioned by a firm in a calendar year.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables your firm to choose the date, time and location of a Hinckley and Rugby 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 cancel a Hinckley and Rugby panel compliance audit. Please note that before accepting a Hinckley and Rugby conveyancing panel compliance file audit we have to conduct a conflict check. It is not always possible for Lexsure to conduct a Hinckley and Rugby panel compliance file audit

Frequently asked questions concerning Hinckley and Rugby conveyancing file audits


Do your audits cover commercial conveyancing files with lender compliance issues?

No. The lender compliance audit only covers residential conveyancing.

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

No

What happens if or when you uncover breaches? Do you inform Hinckley and Rugby or their panel managers?

This is a common question. Where a conveyancing file audit is commissioned by your firm and Lexsure finds breaches, they are often easily categorised. Lexsure 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 help avoid recurrences with the aim of protecting your panel status.

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

Why would my firm consider a Hinckley and Rugby handbook compliance audit?

Lexsure frequently come across Hinckley and Rugby conveyancing panel firms who are confident that they have ‘bulletproof’ risk protocols. Yet Lexsure sees common breaches of the lender Handbook requirements. In fact, we rarely 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 Hinckley and Rugby 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.

How long will I need to wait before I receive my written report to run through with my fellow directors following an audit of our firm's Hinckley and Rugby panel conveyancing files?

We aim to have a written report within two weeks of an audit.