Cynergy Bank Conveyancing Panel Information

The criteria to join the Cynergy Bank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The majority of 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 Cynergy Bank as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Cynergy Bank we suggest that you call Cynergy Bank to check the position.

In the same way that there is a unique Cynergy Bank 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.

You have a number of obligations in this regard which are to followed 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 Cynergy 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 Cynergy Bank’s mortgage offer are correct. If they are not, please let Cynergy Bank know as soon as possible as it will be necessary for Cynergy Bank to check with the valuer whether the valuation needs to be revised. Cynergy Bank conveyancing panel solicitors are not expected to assume the role of valuer. Cynergy Bank are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Cynergy 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. Cynergy Bank recommend that, if we send a copy of a valuation report that Cynergy 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 structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Cynergy 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 Cynergy Bank conveyancing panel

You should 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 adversely impact your firm’s application but gives the CQS team viability as to what has happened.

You would be advised to get in touch with Cynergy Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for banks to enumerate who to contact to obtain standard documents. Cynergy Bank in their Part 2’s state: Don’t forget to quote your Cynergy Bank conveyancing panel number.