Bank of Ireland Conveyancing Panel Information

Bank of Ireland make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Bank of Ireland are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 70 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searches UK.

When a solicitor is acting for both Bank of Ireland and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Bank of Ireland and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Bank of Ireland the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Bank of Ireland conveyancing panel status.

You will be aware of the trend in recent years for lenders such as Bank of Ireland to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Bank of Ireland panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Bank of Ireland have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Bank of Ireland’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Bank of Ireland. You will no doubt be required to undertake directly to Bank of Ireland’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Bank of Ireland conveyancing panel.

Bank of Ireland approved panel lawyers are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Bank of Ireland require, the deed of covenant on their behalf. You will need to check Bank of Ireland CML Part 2 conditions to see if Bank of Ireland have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Bank of Ireland conveyancing panel

In this situation please explain on the application what action you have taken to discover the reasons behind cancellation of your Bank of Ireland panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You need to contact Bank of Ireland to obtain standard documents. The CML Handbook incorporates an explicit inquiry for banks to enumerate who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: Always remember to disclose your Bank of Ireland solicitors panel reference.