Clydesdale Bank Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a tool.

During 2013, 92 sections of the UK Finance Lenders’ Handbook P2 were changed by Clydesdale Bank. Some changes are more important than others but as a firm on the Clydesdale Bank conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 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: CML requirements are not guidelines; they are the lender client’s instructions.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 Clydesdale Bank 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 Clydesdale Bank’s mortgage offer are correct. If they are not, please let Clydesdale Bank know as soon as possible as it will be necessary for Clydesdale Bank to check with the valuer whether the valuation needs to be revised. Clydesdale Bank conveyancing panel solicitors are not expected to assume the role of valuer. Clydesdale Bank are simply trying to ensure that the valuer has valued the property based on correct information. (c) Clydesdale Bank 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. Clydesdale Bank recommend that, if we send a copy of a valuation report that Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank conveyancing panel

With banks and property lawyers 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 mortgage 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 CQS team viability as to what has gone on.

You would be advised to get in touch with Clydesdale Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for banks to set out who to contact to obtain standard documents. Clydesdale Bank in their Part 2’s state: You will need to disclose the firm’s Clydesdale Bank conveyancing panel reference.