Did you know the new Core Practice Management Standards (CPMS) imposed by the Conveyancing Quality Scheme (CQS) sets out new practice procedures that MUST be followed and will come into force May 2022?
The Navro Compliance LC-5 Report helps conveyancers meet the requirements of Section 6.4.b of the Standards.
Since the move of the Lenders Handbook to UK Finance and availability online, no records of what or when a change to the Part 2 requirements are kept by UK Finance. Lenders now have access to change their Sections 24/7 with 71 questions updated in the last 30 days alone.
The UK finance website will give you the date of the last update made by a Lender, but most notably, not highlight which question was changed or what that change was!
The new CPMS states that:
“Practices must have a policy for dealing with Lenders which must:
6.4: b. Contain a procedure to ensure that Part 2 of the UK Finance Handbook is checked by a fee earner to ascertain the lender’s standard requirements, as well as those specific to a transaction, and for verifying that all of those requirements have been satisfied, prior to exchange and recording on the file that the check has been carried out.”**
The NAVRO LC-5 is a simple cost-effective online solution for recording the Part 2 requirements for all Lenders listed by UK Finance.
Mike Georgiou, Managing Director of Navro Compliance, said:
“Most clients will run a report on the day a case is set up. This will show all the Part 2’s for a Lender on that day which is referenced for the case and is date and time stamped.
An update can then be run at any time thereafter, up to 5 times, which will compare the requirements on the date of the update to those of the last report run.
If there have been any changes, these are clearly highlighted with both the new changes and the old wording shown for comparison. All the LC-5 Reports can be printed or saved to a case file for auditing purposes”.
The LC-5 Report is available as a standalone product directly from Navro Compliance, or via Search Companies included in search packs.
“We have had a great success with our LC-5 Report which eliminates a potential compliance issue.
Our LC-5 Report is the first of a string of compliance tools that we have planned for the industry, and we are busy working on our next product which we hope to be launching soon.”
To find out more visit: www.navro.co.uk
**Published by: The Law Society 2022 / Core Practice Management Standards (CPMS) and Guidance Published February 2022 Version: https://www.lawsociety.org.uk/en/topics/firm-accreditations/conveyancing-quality-scheme/changes-to-cqs
This article was submitted to be published by Navro Compliance as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.