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Ecology Building Society Conveyancing Panel: Recently Asked Questions
What obligations do I have,
being on the
Ecology Building Society conveyancing panel, to carry out a Cancel Search?
Ecology Building Society 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’.
Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Ecology Building Society 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 contact your search provider or call one of the leading search companies such as Searches UK.
Being on the Ecology Building Society conveyancing panel how long am I expected to archive the original conveyancing file?
The CML Part II requirements of
Ecology Building Society are silent on this. Most lenders deal with the issue of file retention via their Terms of panel appointment 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.
What is the CLC doing to ensure that licensed conveyancers remain on lender conveyancing panels?
The Council of Licensed Conveyancers has entered discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as
Ecology Building Society in the recent past.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my application to be on the Ecology Building Society conveyancing panel
?
There are many reports available, five of which are as follows:
- Evidence of undertaking logs
- Average mortgage advance
- Current and historic missed priority dates
- Number of conveyancing cases by lender
- Buy to Let transactions
My conveyancing assistant has resigned unexpectedly.
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.
Our firm had their Ecology Building Society panel membership suspended but we have not yet been given an explanation yet.
I am completing a CQS renewal form what details should I disclose?
In this situation please explain on the form what steps you have taken to discover the reasons behind cancellation of your
Ecology Building Society panel status.
In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?
My firm is listed on the
Ecology Building Society
conveyancing panel and all set to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to execute.
Who do I contact at Ecology Building Society to get a duplicate Deed?
You should communicate with Ecology Building Society
to obtain standard documents. The CML Handbook has an explicit question for banks to set out who to contact to obtain standard documents.
Ecology Building Society in their Part 2’s state:
It is likely that you will need to disclose 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* |
|---|---|
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [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
