Clydesdale Bank Conveyancing Panel Information

The CML Part II requirements of Clydesdale Bank are silent on this. Most lenders deal with the question of file retention via their Terms and Conditions 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 Clydesdale Bank’s interest. To be absolutely sure of Clydesdale Bank requirements in this regard please check the Terms and Conditions of Clydesdale Bank’s conveyancing panel membership.

One might ordinarily expect Clydesdale Bank via their Part 2 conditions to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of Clydesdale Bank’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms contain a provision such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Clydesdale Bank updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You will be aware of the trend in recent years for lenders such as Clydesdale Bank 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 Clydesdale Bank panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Clydesdale Bank 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 Clydesdale Bank’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 Clydesdale Bank. You will no doubt be required to undertake directly to Clydesdale Bank’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 Clydesdale Bank conveyancing panel.

With lenders and solicitors working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Clydesdale Bank conveyancing panel but for all lender panels

It would be advisable to 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 adversely impact your firm’s application but gives the Law Society viability as to what has happened.

You need to contact Clydesdale Bank to obtain standard documents. The CML Handbook has an explicit section for banks to enumerate who to contact to obtain standard documents. Clydesdale Bank in their Part 2’s state: Don’t forget to disclose the firm’s Clydesdale Bank conveyancing panel number.