Bank of Ireland Conveyancing Panel Information

The Council of Mortgage Lender requirements of Bank of Ireland are silent on this. Most mortgage companies deal with the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Bank of Ireland’s interest. To be absolutely sure of Bank of Ireland requirements in this regard please check the Terms and Conditions of Bank of Ireland’s conveyancing panel appointment.

The Council of Licensed Conveyancers has begun dialogue with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Bank of Ireland as well as the CML.

The answer to this question really depends on the reason that your firm has been removed off the Bank of Ireland conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Bank of Ireland conveyancing panel.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Bank of Ireland immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Bank of Ireland’s mortgage offer are correct. If they are not, please let Bank of Ireland know as soon as possible as it will be necessary for Bank of Ireland to check with the valuer whether the valuation needs to be revised. Bank of Ireland conveyancing panel solicitors are not expected to assume the role of valuer. Bank of Ireland are simply trying to ensure that the valuer has valued the property based on correct information. (III) Bank of Ireland recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Bank of Ireland recommend that, if we send a copy of a valuation report that Bank of Ireland have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Bank of Ireland or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Bank of Ireland conveyancing panel

In this situation please clarify on the form what steps you have taken to discover the reasons behind cancellation of your Bank of Ireland panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination 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 contains an express section for banks to set out who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: Please remember to disclose the firm’s Bank of Ireland solicitors panel number.