Family Building Society Conveyancing Panel Information

This not something that the CML would traditionally get involved with although they do host a number of useful legal related conferences which are attended by firms on the Family Building Society conveyancing panel. It is our intention to run specific lender focused seminars in the near future including a webinar on Family Building Society’s Part 2 requirements. Solicitors on the Family Building Society conveyancing panel will be invited. Information about the webinar will be communicated as part of the LENDERmonitor P2 change Notifications.

The requirements to join the Family Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

There are many reports available, five of which are as follows:

• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Average time frame to register charges at the Land Registry
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Evidence of undertaking logs
• Current and historic missed priority dates

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 Family Building Society conveyancing panel to see if you are entitled to a reason.

CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their panels. A number of mortgage companies now use the scheme as the starting point for Panel acceptance as is the case with HSBC.

You need to get in touch with Family Building Society to obtain standard documents. The CML Handbook has a specific question for lenders to cite who to contact to obtain standard documents. Family Building Society in their Part 2’s state: You will need to disclose the firm’s Family Building Society solicitors panel reference.