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Holmesdale Building Society Solicitor Panel: Recently Asked Questions
Given my firm’s membership on the Holmesdale Building Society conveyancing panel how long am I obliged to archive the complete conveyancing file?
The CML Part II requirements of
Holmesdale 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 a minimum six 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 Holmesdale Building Society’s interest. To be
absolutely sure of Holmesdale Building Society requirements in this regard
please check the Terms and Conditions of Holmesdale Building Society’s
conveyancing panel appointment.
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Holmesdale Building Society and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Holmesdale 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.
Holmesdale 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.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Holmesdale Building Society solicitor panel?
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)
- Average mortgage advance
- Number of conveyancing cases by lender
- Evidence of undertaking logs
- Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
What type of firms do building societies include on their Conveyancing Panels?
In the same way that there is a unique Holmesdale Building Society
conveyancing panel most building societies, operate a conveyancing
panel for solicitors and other conveyancers that the lender will
instruct. Terms and Conditions and criteria for inclusion on a
building society conveyancing panel vary from lender-to-lender. Having
CQS accreditation may be a requirement. Institutional lenders, such
as a building society, is a client and is entitled to instruct the
solicitor or conveyancer of its choosing (who, in turn, is free to
accept or refuse instructions). Therefore, if lender and borrower
cannot agree which solicitor or conveyancer should represent them
jointly, they would usually proceed on a separate representation
basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook
Part 3s.
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on a number of approved panels including the
Holmesdale Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Should I reference these Terms ?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms relating to the
Holmesdale Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.
My firm has just been advised that it’s Holmesdale Building Society panel membership revoked but we have not yet been given a reason as to why.
I am completing a CQS renewal questionnaire what information do I need to disclose?
In this situation please clarify on the application what action you have taken to discover the reasons behind cancellation of your
Holmesdale Building Society panel membership.
In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?
Our practice is on the
Holmesdale Building Society
conveyancing panel and all set to complete a purchase within the next few weeks. My file does not contain a Mortgage Deed for the client to execute.
Who do I contact at Holmesdale Building Society to get a duplicate Deed?
You should contact Holmesdale Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual question for lenders to enumerate who to contact to obtain standard documents.
Holmesdale Building Society in their Part 2’s state:
It is likely that you will need to quote your Holmesdale Building Society conveyancing panel number.
Find a Lawyer on the Holmesdale Building Society Solicitor Panel
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Average number of days to register title including a charge in favour of Holmesdale Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Holmesdale Building Society Firms
- Draft Report on Title precedent for Holmesdale Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Holmesdale Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Holmesdale Building Society lender panel
- Buy-to-Let help for Holmesdale Building Society
- Consent-to-Let help for Holmesdale Building Society
- Contractor Mortgages with Holmesdale Building Society
