Bank of Ireland Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Bank of Ireland. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Bank of Ireland

In order to be on the Bank of Ireland conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Bank of Ireland) are as follows:

• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

There are various requirements you need to follow 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. (b) 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

Assuming that your firm in is on the Bank of Ireland conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Bank of Ireland are to lend, they may require indemnity insurance. In any event,you will need to check Bank of Ireland’s specific requirements. Notwithstanding whether Bank of Ireland will lend in such circumstances you still need to advise the borrower (unless you are acting for Bank of Ireland alone) as to the risks of buying a property with an insolvent or absentee landlord.

In this situation please explain on the application what steps 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 putting you on notice?

You should get in touch with Bank of Ireland to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual section for banks to enumerate who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: It is likely that you will need to disclose the firm’s Bank of Ireland solicitors panel reference.