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Ecology Building Society Solicitor Panel: Recently Asked Questions
Given my firm’s membership on the Ecology Building Society conveyancing panel how long am I expected to keep hold of the complete conveyancing file?
The CML Part II requirements of
Ecology Building Society are silent on this. Most lenders address the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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 Ecology Building Society’s interest. To be
absolutely sure of Ecology Building Society requirements in this regard
please check the Terms and Conditions of Ecology Building Society’s
conveyancing panel membership.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Ecology Building Society and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Ecology 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.
Ecology 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.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Ecology Building Society conveyancing panel?
In order to be on the Ecology Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Ecology Building Society) are as follows:
- To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
- Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
- That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
- To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
- To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
My practice have never been on the
Ecology Building Society conveyancing panel as well other lenders.
My clients, who have applied for a mortgage with Ecology Building Society would still like to instruct me even though I am not on the
Ecology Building Society panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for
Ecology Building Society on mortgage aspect of the conveyancing?
You need to be careful here as what you are proposing may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
My post-completion clerk has left my firm on short notice.
I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to
Ecology Building Society once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Ecology Building Society?
Ecology Building Society will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the
Ecology Building Society conveyancing panel.
My firm has just been advised that it’s Ecology Building Society panel membership terminated but we have not yet been given a reason as to why.
I am completing a CQS application form what information should I put forward?
In this situation please explain on the application what steps you have taken to discover the reasons behind cancellation of your
Ecology Building Society panel membership.
In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?
Our practice is on the
Ecology Building Society
conveyancing panel and scheduled to complete a remortgage within the next week. I dont have a Mortgage Deed for the client to sign.
Who do I contact at Ecology Building Society to get a duplicate Deed?
You need to get in touch with Ecology Building Society
to obtain standard documents. The CML Handbook incorporates an individual section for lenders to cite who to contact to obtain standard documents.
Ecology Building Society in their Part 2’s state:
Always remember to quote your Ecology Building Society solicitors panel reference.
Find a Lawyer on the Ecology Building Society Conveyancing Panel
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Average number of days to register title including a charge in favour of Ecology 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 Ecology Building Society Firms
- Draft Report on Title precedent for Ecology Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Ecology Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Ecology Building Society lender panel
- Buy-to-Let help for Ecology Building Society
- Consent-to-Let help for Ecology Building Society
- Contractor Mortgages with Ecology Building Society
