Cambridge Building Society Conveyancing Panel Information

BSA Designator: Cambridge Building Society
Jurisdiction: England and Wales

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Cambridge Building Society and to assist in remaining on the Cambridge Building Society Approved Conveyancing Solicitors.

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Cambridge Building Society Solicitor 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.

As a lawyer on the Cambridge Building Society conveyancing panel who do I call if I have a query about the instructions ?
If you are a conveyancer and have a question regarding the mortgage 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.
A long standing client of my firm is buying a semi detached house for £825k in Newcastle requiring a mortgage advance over GBP 525k. I am on the Cambridge Building Society conveyancing panel but do Cambridge Building Society have a separate approved panel when the advance is above 300,000?
Lexsure only know of two or three lenders that operate a separate approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Cambridge Building Society. 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 Cambridge Building Society
What reports are available via COMPLETIONmonitor to assist my appeal to be reinstated on the Cambridge Building Society solicitor panel?
There are many reports available but examples include:
  • Average time frame to register charges at the Land Registry
  • Average time frame to send deeds to the lender (calculated from completion date or title registration)
  • Number of conveyancing cases by lender
  • The percentage of the firm’s business which is conveyancing (purchase and remortgage)
  • Average mortgage advance
  • Buy to Let transactions
  • Disclosure to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
  • Evidence of undertaking logs
  • Current and historic missed priority dates
  • Analysis as to the nature of clients (e.g. existing client )
Are there conditions, outside the BSA Mortgage Instructions, that a firm should be aware of when on the Cambridge Building Society conveyancing panel?
In order to be on the Cambridge Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Cambridge Building Society) are as follows:
  • Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
  • That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
  • To quote on all communications with us relating to deeds issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
  • You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
  • To forward the title deeds and documents to another solicitor within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
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.

We had our Cambridge Building Society panel membership terminated but we have not yet been given a reason as to why . I am completing a CQS application form what details do I need to put forward?
In this situation please explain on the form what steps you have taken to find out the reasons behind cancellation of your Cambridge Building Society panel membership . In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
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:

Recent Changes Include

# Date Assoc. Changes Related To
F.19 17/05/2019 BSA
D.13 23/11/2018 BSA
A.3 29/01/2014 BSA
B.12 29/01/2014 BSA
C.21 29/01/2014 BSA
E.1 29/01/2014 BSA
B.3 29/01/2014 BSA
D.55 13/08/2013 BSA
F.9 13/08/2013 BSA
A.12 13/08/2013 BSA

Last update 08/11/2019

Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors