Does the fact that my firm has signed up to LENDERmonitor Alerts assist in my application to join the Barclays plc solicitor panel?
The criteria to join the Barclays plc conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
My client is looking to purchase a detached house for £825k in Manchester with a mortgage over GBP 450,000.
I am on the
Barclays plc conveyancing panel but do Barclays plc have a separate approved panel when a mortgage is above 350k?
We only know of a couple of banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain threshold.
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
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Barclays plc and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Barclays plc
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
These risks are exacerbated by the lack of a
comprehensive set of data on all conveyancing firms (which, for the
avoidance of doubt, would include solicitors and conveyancers across
the UK) which is in a readily accessible format. Currently, lenders
vet the suitability of their panel firms against a variety of
disparate, incomplete and potentially inaccurate sets of
information. One top 5 lender pointed out to us that it is almost
impossible to track individual fraudsters who move from firm to firm,
especially where they are no longer registered or no longer hold a
valid practicing certificate.
Barclays plc and other
lenders are in varying stages of reviewing their approach to vetting
firms on their conveyancing panels, to ensure their ongoing exposure
to unsuitable firms is reduced. There is also regulatory impetus on
lenders to ensure that they have satisfactory oversight of their third
party panels, including a due-diligence process.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on numerous bank panels including the
Barclays plc conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Do I disclose these these Conditions ?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms relating to the
Barclays plc conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.
Where can I find the Barclays plc conveyancing panel obligations in respect of Transfer of Equity Conveyancing?
Barclays plc approved solicitors are bound by the Part II 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
Barclays plc require, the deed of covenant on their behalf. You will need to check
Barclays plc CML Part 2 conditions to see if
Barclays plc 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
Barclays plc conveyancing panel
Will Conveyancing Quality Scheme membership secure my firm’s acceptance on to lenders conveyancing panels?
The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. A number of mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with Santander.
My firm is listed on the
conveyancing panel and due to complete a remortgage shortly. I dont have a Mortgage Deed for the client to execute.
Who do I contact at Barclays plc to get a duplicate Deed?
You should communicate with Barclays plc
to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for lenders to enumerate who to contact to obtain standard documents.
Don’t forget to disclose the firm’s Barclays plc solicitors panel reference.