Clydesdale Bank Conveyancing Panel Information

UK Finance Designator: Clydesdale Bank plc
Jurisdiction: England and Wales

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Clydesdale Bank and to assist in remaining on the Clydesdale Bank Conveyancing Panel.

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Clydesdale Bank Solicitor Panel: Recently Asked Questions

Do Clydesdale Bank or the CML run CPD seminars for the Clydesdale Bank approved conveyancing panel in the same way that CQS run CPD Courses for accredited firms?
This not something that the CML would traditionally get involved with although they do arrange numerous general conveyancing related conferences which are attended by firms on the Clydesdale Bank conveyancing panel. We do intend to run specific lender focused seminars in the near future including a webinar on Clydesdale Bank’s Part 2 obligations. Practitioners on the Clydesdale Bank conveyancing panel are welcome. Further details will be communicated as part of the LENDERmonitor P2 change Notifications.

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Am I obliged, being on the Clydesdale Bank conveyancing panel, to carry out a LMO4 search?
Clydesdale Bank make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Clydesdale Bank are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search provider lists over 72 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Clydesdale Bank and other lenders have restricted their panel over the years. Why?
In operating open conveyancing panels, lenders such as Clydesdale Bank face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Clydesdale Bank and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

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 UK Finance Lenders’ Handbook?’ My firm is on numerous lender panels including the Clydesdale Bank conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Do I disclose these these Conditions ?
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 Clydesdale Bank conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. 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 moving forward on this question.
Are there any specific Clydesdale Bank conveyancing panel requirements in connection with Transfer of Equity Conveyancing?
Clydesdale Bank approved panel lawyers have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Clydesdale Bank require, the deed of covenant on their behalf. You will need to check Clydesdale Bank CML Part 2 conditions to see if Clydesdale Bank have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Clydesdale Bank conveyancing panel
Our membership of the Clydesdale Bank conveyancing panel was suspended but was reinstated on appeal, do I need to include this information on my application for CQS accreditation?
It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society a complete picture of what has gone on.
I am on the Clydesdale Bank conveyancing panel and all set to complete a remortgage within the next few weeks. My papers do not include a Legal Charge for the client to execute. Who do I contact at Clydesdale Bank to request substitute deeds?
You should contact Clydesdale Bank to obtain standard documents. The CML Handbook contains a specific section for banks to enumerate who to contact to obtain standard documents. Please remember to disclose your Clydesdale Bank conveyancing panel reference.
Average number of days to register title including a charge in favour of Clydesdale Bank
This information relates to purchase only and not remortgages.
YearDays*
2013 22.1
2012 22.1
* Data aggregated from sources including COMPLETIONmonitor

Recent Changes Include

# Date Assoc. Changes Related To
10.9 11/03/2016 CML
14.2.1 11/03/2016 CML
16.5.3c 11/03/2016 CML
17.2.1a 11/03/2016 CML
5.14.9 11/03/2016 CML
5.5.3a 11/03/2016 CML Lack of Planning Permission Indemnity Insurance
6.5.1 11/03/2016 CML
6.6.2 11/03/2016 CML
14.1.5 10/12/2014 CML
3.1.4 01/12/2014 CML

Last update 12/09/2019

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