LiveMore Conveyancing Panel Compliance Audit

You can hope that you are adhering to the conveyancing panel Handbook requirements of LiveMore or you can be sure by having a compliance audit.

LiveMore is probably one of your most valued clients for conveyancing work.

How certain are you that you are complying with the instructions as a practice on the LiveMore 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 comprehensive lender panel compliance audit for your conveyancing files where LiveMore are the lending client.

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

Lexsure’s panel of experienced auditors independently assess making use of propriety templates and Lender Handbook archives whether each conveyancing matter breached the requirements at the point that the CoT was completed.

In the absence of your search company offering the service as part of your account management the fee for a LiveMore compliance panel audit is £1,975+VAT. Lexsure will review 6 remortgage or purchase files involving LiveMore, which we can randomly select by tenure (e.g. leasehold) year of completion or a multitude characteristics.

Once the fieldwork is completed, we will compile a full written findings for your transactions with LiveMore and a baseline risk summary. We can also meet with you to present our expert findings and guidance in a formal debrief. Subsequent audits can be scheduled. Our office will contact the firm to request the status of actions taken. No more than two 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 LiveMore 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 LiveMore panel compliance file audit. Please note that before accepting a LiveMore conveyancing panel compliance file audit we have to conduct a conflict check. It is not always possible for Lexsure to carry out a LiveMore panel Handbook risk file audit

Common queries about LiveMore conveyancing file audits

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

For the next few months, yes, subject to specific criteria which we will forward to you separately.

Why would my firm consider a LiveMore handbook compliance audit?

Lexsure frequently talk with LiveMore conveyancing panel companies who express confidence that they have robust risk protocols. Yet Lexsure sees common breaches of the lender Handbook requirements. In fact, we have yet to complete an audit that didn’t reveal serious 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 LiveMore 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.

Are lender Handbook audits common?

It is becoming more common. 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 LiveMore) 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.

I was recently recommended by a local firm who had commissioned an audit for their LiveMore 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 details click here.

Whilst I do not require the services of Lexsure for an LiveMore Handbook Compliance Audit, I I require a copy of the P2 requirements for LiveMore for a specific date. Is this something you can help 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.