Bank of Ireland Conveyancing Panel Information

There are many reports available, five of which are as follows:

• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Buy to Let transactions
• Average time frame to register charges at the Land Registry
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Evidence of undertaking logs

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Bank of Ireland as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Bank of Ireland we suggest that you call Bank of Ireland to check the position.

Bank of Ireland approved panel lawyers have to comply with 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 clarify on the form what steps you have taken to find out 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 revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should communicate with Bank of Ireland to obtain standard documents. The CML Handbook has an explicit inquiry for lenders to cite who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: Don’t forget to quote the firm’s Bank of Ireland conveyancing panel number.