Chelsea Building Society Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Chelsea Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Chelsea Building Society we suggest that you call Chelsea Building Society to check the position.

In the same way that there is a unique Chelsea Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

When a solicitor is acting for both Chelsea 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. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Chelsea Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Chelsea Building Society 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 Chelsea Building Society conveyancing panel status.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Chelsea Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to communicate with Chelsea Building Society to obtain standard documents. The CML Handbook includes an explicit question for lenders to establish who to contact to obtain standard documents. Chelsea Building Society in their Part 2’s state: You will need to quote the firm’s Chelsea Building Society solicitors panel reference.