Britannia Conveyancing Panel Information

The CML Part II requirements of Britannia are silent on this. Most lenders address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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 Britannia’s interest. To be absolutely sure of Britannia requirements in this regard please check the Terms and Conditions of Britannia’s conveyancing panel appointment.

As is the case with the Law Society the CLC has begun discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Britannia as well as the CML.

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. (I) 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 Britannia 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 Britannia’s mortgage offer are correct. If they are not, please let Britannia know as soon as possible as it will be necessary for Britannia to check with the valuer whether the valuation needs to be revised. Britannia conveyancing panel solicitors are not expected to assume the role of valuer. Britannia are simply trying to ensure that the valuer has valued the property based on correct information. (c) Britannia 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. Britannia recommend that, if we send a copy of a valuation report that Britannia 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 Britannia 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 Britannia conveyancing panel

We would recommend that you provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society a complete picture of what has gone on.

You would be advised to communicate with Britannia to obtain standard documents. The CML Handbook contains a specific inquiry for banks to reveal who to contact to obtain standard documents. Britannia in their Part 2’s state: You will need to quote your Britannia solicitors panel reference.