Barnsley Building Society Conveyancing Panel Information

The Council of Mortgage Lender requirements of Barnsley Building Society are silent on this. Most mortgage companies address the issue 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 Barnsley Building Society’s interest. To be absolutely sure of Barnsley Building Society requirements in this regard please check the Terms and Conditions of Barnsley Building Society’s conveyancing panel membership.

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

• 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)
• Current and historic missed priority dates
• Analysis as to the nature of clients (e.g.existing/new/seen in person)

You will be aware of the trend in recent years for lenders such as Barnsley Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Barnsley Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Barnsley Building Society have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Barnsley Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Barnsley Building Society. You will no doubt be required to undertake directly to Barnsley Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Barnsley Building Society conveyancing panel.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Barnsley Building Society conveyancing panel to see if you are entitled to a reason.

In the circumstances please clarify on the application what action you have taken to discover the reasons behind cancellation of your Barnsley Building Society 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 would be advised to get in touch with Barnsley Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit section for lenders to enumerate who to contact to obtain standard documents. Barnsley Building Society in their Part 2’s state: You will need to disclose your Barnsley Building Society conveyancing panel reference.