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Family Building Society Conveyancing Panel: Recently Asked Questions
Given my firm’s membership on the Family Building Society conveyancing panel how long am I obliged to archive the original conveyancing file?
The CML Part II requirements of
Family Building Society are silent on this. Most mortgage companies 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 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 Family Building Society’s interest. To be
absolutely sure of Family Building Society requirements in this regard
please check the Terms and Conditions of Family Building Society’s
conveyancing panel appointment.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Family Building Society and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Family 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.
Family 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.
My firm is on the
Family Building Society conveyancing panel. I am dealing with
Family Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to
Family Building Society. What do I do in this conflict situation?
When a solicitor is acting for both
Family Building Society and borrower there is potential for conflicts
to arise. You owe duties to both clients. All information received by
you from your client is confidential and cannot be disclosed without
the client’s consent. In the situation you find yourself in if the
purchaser will not consent to the information being passed on to the
lender the solicitor must cease to act for the Family Building Society
and it may well be prudent you to cease to act for the purchaser as
well. You can not tell the Family Building Society the reason for
termination of the retainer over and above the fact that a conflict
has arisen. The fact that you can no longer act should alert even the
most somnambulistic of lenders that something is wrong with the
borrower and/or purchase. The fact that you have disinstructed
yourself should not affect your Family Building Society conveyancing
panel status.
I have been a qualified solicitor for over 20 years never having had a negligence claim and have been refused acceptance on the
Family Building Society conveyancing panel with no explanation. Am I not entitled to to know why?
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.
I read the occasional LENDERmonitor notification but I don't see that many important changes. For instance, Fortunately my practice on the
Family Building Society conveyancing panel and receive a notification simply telling me a change of address. Isn't that just noise?
It is important that you take note of such changes because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also impact your chances of staying on the
Family Building Society solicitor panel. Is possible next month that Family Building Society change their requirements as to where their panel firm send the deeds.
Do you change the details in your CMS? Is this recorded anywhere? Is this information passed on to secretaries and assistants? In your Certificate of Title to Family Building Society you are giving assurances that you will forward the relevant documents within 10 days of receiving the TID. Leaving to one side whether you are in breach of an undertaking in sending it to the wrong address, you run the risk of
Family Building Society suspending you off the panel because they are not receiving the deeds in accordance with the COT. It will not be a valid excuse to say that you sent it to an address that is no longer valid.
Will CQS accreditation guarantee my firm’s acceptance on to lenders conveyancing panels?
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 remain on their panels. Some mortgage companies now use the scheme as the starting point for Panel membership as is the case with Santander.
I am on the
Family Building Society
conveyancing panel and scheduled to complete a purchase shortly. My file does not contain a Mortgage Deed for the client to sign.
Who do I contact at Family Building Society to obtain duplicate documents?
You would be advised to communicate with Family Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual section for banks to cite who to contact to obtain standard documents.
Family Building Society in their Part 2’s state:
It helps to quote your Family Building Society solicitors panel number.
Find a Lawyer on the Family Building Society Solicitor Panel
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Average number of days to register title including a charge in favour of Family 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 Family Building Society Firms
- Draft Report on Title precedent for Family Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Family Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Family Building Society lender panel
- Buy-to-Let help for Family Building Society
- Consent-to-Let help for Family Building Society
- Contractor Mortgages with Family Building Society
