Cynergy Bank Conveyancing Panel Information
The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Cynergy Bank and to assist in remaining on the Cynergy Bank Solicitor Panel.
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Cynergy Bank Conveyancing Panel: Recently Asked Questions
Who do building societies allow to be on their Conveyancing Panels?
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.
My PI renewal application this year contained the following question: ‘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 the majority of approved panels including the Cynergy 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 key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Cynergy 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 completing the answer.
I have been a qualified solicitor for approximately 35 years without a single claim against me and have been refused acceptance on the Cynergy Bank conveyancing panel with no explanation. Am I not entitled to to know why?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Cynergy Bank conveyancing panel to see if you are entitled to a reason.
In conducting leasehold title investigations do Cynergy Bank conveyancing panel lawyers need to examine whether there is an absentee freeholder?
Given that your firm in is on the Cynergy Bank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Cynergy Bank are to lend, they may require indemnity insurance. In any event,you will need to check Cynergy Bank’s specific requirements. Notwithstanding whether Cynergy Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Cynergy Bank alone) as to the risks of buying a property with an insolvent or absentee landlord.
my firm’s membership of the Cynergy Bank conveyancing panel was revoked but was reinstated on appeal, do I need to include these details on my application for CQS accreditation?
We would recommend that you 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 application but gives the CQS team a complete picture of what has gone on.
Our practice is on the Cynergy Bank conveyancing panel and scheduled to complete a purchase shortly. I can not locate a Mortgage Deed for the client to execute. Who do I contact at Cynergy Bank to get a duplicate Deed?
You should get in touch with Cynergy Bank to obtain standard documents. The CML Handbook includes an individual question for banks to set out who to contact to obtain standard documents. Cynergy Bank in their Part 2’s state:Don’t forget to quote the firm’s Cynergy Bank conveyancing panel number.
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Average number of days to register title including a charge in favour of Cynergy Bank
This information relates to purchase only and not remortgages.
* Data aggregated from sources including COMPLETIONmonitor