Do the Council of Mortgage Lenders intend to launch a online directory search tool with a view
to to identify practices on the
Barclays plc conveyancing panel?
We are not aware of any intention on the part of the CML to develop such a register.
Can you suggest any advice if we wish to challenge being removed from the
Barclays plc approved solicitor list?
Should you firm be removed from the
Barclays plc conveyancing panel and you are unaware of or disagree with the reasons for your removal you should: (a) Contact
Barclays plc directly. (b) If there is an appeals process detailed on your letter you should follow the process.
In appealing a decision by
Barclays plc, it may be useful to provide the following information:
- Full disclosure of your conveyancing history
- Your COMPLETIONmonitor reports, assuming you use the Lexsure software
- Your recent claims history
- comprehensive details of all employees in your practice and their role.
- Note down if a solicitor has been admitted to the role on completion of the Qualified Lawyers Transfer Test.
- Forward copy practising certificates, the firm's current professional indemnity policy and your accountant's certificate, calculating what percentage of the firm's gross fee income is resulting from residential conveyancing transactions
On appeal some solicitors have been able to regain membership to panels notwithstanding the policy by the respective lenders to refuse panel membership to firms with certain profiles or characteristics. The success is primarily due to the firms’ ability to persuade the lender to make an exception if there is sufficient evidence to reassure them that the firm is a ‘low risk’.
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel?
The fact of the matter is that estate agents will be feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many
conveyancing firms are only discovering when they begin working on a
case that they are no longer able to work with that lender. Given
the inevitable resultant delays in the transaction the chances of an
abortive deal increases dramatically. in the circumstances there is
understandable anguish on the part of the estate agent as a result of
the lost time should the client have to change solicitors .
A long standing client of my firm is buying a detached house for £800,000 in Leeds requiring a mortgage advance over GBP 410k.
I am on the
Barclays plc conveyancing panel but do Barclays plc have a separate approved panel when the advance is above 400,000?
Lexsure only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level.
You should nevertheless check directly with
Barclays plc. 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 Barclays plc
I seldom receive a copy of a lender valuation any more. Does the extent of my Barclays plc conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
Barclays plc as the Mortgagee?
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
Barclays plc immediately. Second, 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
Barclays plc’s mortgage offer are correct. If they are not, please let
Barclays plc know as soon as possible as it will be necessary for
Barclays plc to check with the valuer whether the valuation needs to be revised.
Barclays plc conveyancing panel solicitors are not expected to assume the role of valuer.
Barclays plc are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Barclays plc 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.
Barclays plc recommend that, if we send a copy of a valuation report that
Barclays plc 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 comprehensive survey.
If you do not receive a copy of the valuation you can always ask for a copy of one from
Barclays plc 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
Barclays plc conveyancing panel
Does CQS acceptance guarantee my firm’s acceptance on to lenders conveyancing panels?
The Law Society’s CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. A number of Lenders now use the scheme as the starting point for Panel approval as is the case with Astra Mortgages.
Our practice is on the
conveyancing panel and all set to complete a purchase shortly. My papers do not include a Legal Charge for the client to execute.
Who do I contact at Barclays plc to request substitute deeds?
You should get in touch with Barclays plc
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual question for banks to establish who to contact to obtain standard documents.
Please remember to disclose the firm’s Barclays plc solicitors panel reference.