Furness Building Society Conveyancing Panel Information

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Furness Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full disciplinary history for each conveyancing solicitor

Structure of firm and, where applicable, its group

List of all those who can sign off the Certificate Of Title

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

List of fee-earners who are foreign qualified

Details of any accreditation e.g. Lexcel or

Charge registration history

List of all those who fund the firm, including non-lawyers if applicable

Number of lender conveyancing panels the firm is currently on

Whether the firm is able to operate in other jurisdictions

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

• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Current and historic missed priority dates
• Evidence of undertaking logs
• Average time frame to register charges at the Land Registry
• Buy to Let transactions

When a solicitor is acting for both Furness 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 Furness Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Furness 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 Furness Building Society conveyancing panel status.

Furness Building Society approved solicitors have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Furness Building Society require, the deed of covenant on their behalf. You will need to check Furness Building Society CML Part 2 conditions to see if Furness Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Furness Building Society conveyancing panel

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Furness Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should get in touch with Furness Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for lenders to reveal who to contact to obtain standard documents. Furness Building Society in their Part 2’s state: It helps to quote your Furness Building Society conveyancing panel number.