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 of panel appointment 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 membership.

During 2013, 39 sections of the UK Finance Lenders’ Handbook P2 were changed by Bank of Ireland. Some changes are more important than others but as a firm on the Bank of Ireland conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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. (c) 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 survey or structural 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 practice 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 freeholder.

In the circumstances please clarify on the form 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 cessation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You would be advised to communicate with Bank of Ireland to obtain standard documents. The CML Handbook contains a specific question for lenders to reveal who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: Don’t forget to quote your Bank of Ireland solicitors panel reference.