BSA Designator: Cambridge Building Society
Jurisdiction: England and Wales
Cambridge Building Society Conveyancing Panel Information:
What are the Cambridge Building Society conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
Our requirements for being added to our panel are:
- Minimum of two partners in the practice
- Minimum indemnity cover of two million
- The practise must be listed in the Butterworths Law Directory, Waterlows Law Directory or be listed on the Law Society website
- Secure premises to hold securities
You must also comply with the terms and conditions of your Cambridge Building Society solicitor panel appointment.
Can a firm submit a complaint to the BSA about being removed excluded suspended from the Cambridge Building Society conveyancing panel?
The BSA is an association rather than a regulator and therefore will not advise on grievances against lenders. You can of course contact us to see if we can assist.
As a practice on the Cambridge Building Society conveyancing panel who do I contact should we have a question conerning the instructions ?
If you are a property lawyer and have a question regarding the instructions,
you should make contact with Cambridge Building Society. The BSA will not advise or comment on specific queries relating to Cambridge Building Society or other lenders.
Is it true that the Law Society has advised that firms check their status on the
Cambridge Building Society
The Scottish Law Society has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Cambridge Building Society
conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove
solicitors from their panels without prior notice as part of their
panel management system, which can lead to some solicitors discovering
this only once instructed. This is sensible advice as a client finding
out midway through a transaction that their lawyer is not on the
approved lender panel is very frustrating and can lead to
complaints. Many online consumer forums contain posts where someone is
complaining about finding that their lawyer is not on a lender
conveyancing panel. Such forums include moneysavingexpert.com
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with BSA Mortgage Instructions. I am on the Cambridge Building Society conveyancing panel. Can you tell me how many Specific Requirement changes took place by Cambridge Building Society during 2013?
During this period 11 sections of the BSA Mortgage Instructions were changed by Cambridge Building Society. Some changes are more important than others but as a firm on the Cambridge Building Society conveyancing panel you are of course obliged to comply with individual lender requirements. Locktons have recently pointed out in an article that non-compliance with lender 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: BSA requirements are not guidelines; they are the lender client’s instructions.
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on a number of lender panels including the Cambridge Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Do I disclose these these Terms?
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 Cambridge Building Society conveyancing appointment
(or other terms for other lenders) are ‘more onerous’ than the BSA
Mortgage Instructions. 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.
My firm is on the Cambridge Building Society conveyancing panel. I am
dealing with Cambridge Building Society mortgage on a purchase. My
borrower client is asking not to disclose an issue to Cambridge Building Society. What do I do in this conflict situation?
When a solicitor is acting for both Cambridge Building Society and
borrower there is potential for conflicts to arise. You owe duties to
both clients. All information received by you from your client is
confidential and cannot be disclosed without the client’s consent.
your situation, if the purchaser will not consent
to the information being passed on to the lender, the solicitor must
cease to act for Cambridge Building Society and it may well be
prudent for you to cease to act for the purchaser as well. You must not
inform Cambridge Building Society of the reason for termination of the
retainer over and above the fact that a conflict has arisen. The fact
that you can no longer act should alert even the most somnambulistic
of lenders that something is wrong with the borrower and/or
purchase. The fact that you have disinstructed yourself should not
affect your Cambridge Building Society conveyancing panel status.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows: