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Family Building Society Conveyancing Panel: Recently Asked Questions
I am on the Family Building Society conveyancing panel. Can I get an archived copy of a Family Building Society Part 2 from the CML?
The Council of Mortgage Lenders do not hold historic copies of P2 requirements pre-December 2010. We would recommend you make a request of Family Building Society directly.
Family Building Society has instructed me to represent them alone on a residential conveyancing transaction , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the
Family Building Society conveyancing panel) How will this operate and are there different requirements from Family Building Society in this circumstance?
The CML, together with
Family Building Society and other lenders created a standard set of requirements where a solicitor is acting for a lender such as Family Building Society alone in a residential conveyancing matter.
These requirements are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Sections One and Two.
The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.
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.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Family Building Society conveyancing panel?
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 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.
- 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
- 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.
- 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 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.
Every so often I read a LENDERmonitor alert but I rarely see change of note. For example, Fortunately my practice on the
Family Building Society conveyancing panel and receive a notification only advising of a change of address. Isn't that just noise?
Yes it does matter because sending a communication or deeds to the wrong address can cause delays that might not only affect your borrower client but also affect your ability to remain on the
Family Building Society solicitor panel. Lets say that Family Building Society change their requirements as to where the post completion documents should be sent.
Do you change the details in your CMS? Do you make a note? Is this communicated to the staff? 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 Title Information Document. 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 acceptance secure my firm’s acceptance on to lenders conveyancing panels?
The Law Society’s CQS accreditation gives 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 approved list of firms. Some mortgage companies now use the scheme as the starting point for Panel acceptance as is the case with HSBC.
My firm is listed on the
Family Building Society
conveyancing panel and scheduled to complete a purchase within the next few weeks. My papers do not include a Mortgage Deed for the client to sign.
Who do I contact at Family Building Society to request substitute deeds?
You would be advised to contact Family Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for banks to enumerate who to contact to obtain standard documents.
Family Building Society in their Part 2’s state:
It is likely that you will need to disclose the firm’s Family Building Society solicitors panel reference.
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
