Family Building Society Conveyancing Panel Information

This not something that the CML would traditionally get involved with although they do provided a number of general legal related conferences which are attended by firms on the Family Building Society conveyancing panel. We do intend to run specific lender focused seminars in the coming months including a webinar on Family Building Society’s Part 2 requirements. Solicitors on the Family Building Society conveyancing panel are welcome. Information about the webinar will be communicated as part of the LENDERmonitor P2 change Notifications.

You might expect Family Building Society via their Part 2 requirements to address this but the Handbook is silent on time frames. You need to look at the Terms of Family Building Society’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms include a clause along the following lines: ‘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’ It is imperative to keep Family Building Society updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

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

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

In order to be on the Family 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 Family Building Society) are as follows:

• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• 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.
• 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.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request

The Law Society’s CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of firms. A number of Lenders now use CQS as the starting point for Panel membership such as Santander.

You should contact Family Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit question for lenders to reveal who to contact to obtain standard documents. Family Building Society in their Part 2’s state: Please remember to disclose the firm’s Family Building Society conveyancing panel reference.