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Dudley Building Society Conveyancing Panel: Recently Asked Questions
Is it the case that the Law Society has recommended that firms check their status on the
Dudley Building Society conveyancing panel?
The Law Society of Scotland has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
Dudley Building Society conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com
Being on the Dudley Building Society conveyancing panel how long am I expected to keep hold of the complete conveyancing file?
The Council of Mortgage Lender requirements of
Dudley Building Society are silent on this. Most lenders deal with the question of file retention via their Terms of panel appointment 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 Dudley Building Society’s interest. To be
absolutely sure of Dudley Building Society requirements in this regard
please check the Terms and Conditions of Dudley Building Society’s
conveyancing panel appointment.
What sort of information are Lenders such as
Dudley Building Society are asking for when it comes to applying to be on their approved solicitor list?
Although not necessarily published, lenders have varying criteria .
We do not hold specific requirements relating to the questions raised as part of the application to be on the
Dudley Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
Full complaints history for each licensed conveyancer
Full disciplinary history for each licensed conveyancer
Areas of Law covered by the firm
Number of partners per branch of the firm
Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
List of fee-earners who are foreign qualified
The percentage of the firm’s business which is conveyancing (broken down into sale
Whether any lender has ever made a claim against the firm’s PII cover
List of all those staff who work within the conveyancing team
Number of lender conveyancing panels the firm is currently on
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Dudley Building Society and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Dudley Building Society
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.
Dudley Building Society 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.
In conducting leasehold due diligence do
Dudley Building Society panel solicitors have to examine whether there is an absentee landlord?
On the basis that your practice in is on the
Dudley Building Society conveyancing panel and you are instructed by 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
Dudley Building Society are to lend, they may require indemnity insurance. In any event,you will need to check
Dudley Building Society’s specific requirements. Notwithstanding whether
Dudley Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for
Dudley Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.
Our membership of the
Dudley Building Society conveyancing panel was revoked but was reinstated on appeal, do I need to disclose these details on my CQS application?
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 negatively affect your firm’s application but gives the CQS team viability as to what has occured.
Our practice is on the
Dudley Building Society
conveyancing panel and all set to complete a purchase within the next few weeks. My papers do not include a Legal Charge for the client to sign.
Who do I contact at Dudley Building Society to request substitute deeds?
You would be advised to get in touch with Dudley Building Society
to obtain standard documents. The CML Handbook includes an individual question for banks to reveal who to contact to obtain standard documents.
Dudley Building Society in their Part 2’s state:
You will need to quote the firm’s Dudley Building Society conveyancing panel number.
Find a Lawyer on the Dudley Building Society Conveyancing Panel
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Average number of days to register title including a charge in favour of Dudley Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Dudley Building Society Firms
- Draft Report on Title precedent for Dudley Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Dudley Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Dudley Building Society lender panel
- Buy-to-Let help for Dudley Building Society
- Consent-to-Let help for Dudley Building Society
- Contractor Mortgages with Dudley Building Society
