Holmesdale Building Society Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Holmesdale Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Summary of annual accounts

List of all solicitors within firm

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

List of all those staff who work within the conveyancing team

Full disciplinary history for each conveyancing solicitor

SRA or equivalent regulator registration number where applicable

Structure of firm and, where applicable, its group

Full disciplinary history for each licensed conveyancer

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

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.

During 2013, 18 sections of the UK Finance Lenders’ Handbook P2 were changed by Holmesdale Building Society. Some changes are more important than others but as a firm on the Holmesdale Building Society conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Holmesdale Building Society immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Holmesdale Building Society’s mortgage offer are correct. If they are not, please let Holmesdale Building Society know as soon as possible as it will be necessary for Holmesdale Building Society to check with the valuer whether the valuation needs to be revised. Holmesdale Building Society conveyancing panel solicitors are not expected to assume the role of valuer. Holmesdale Building Society are simply trying to ensure that the valuer has valued the property based on correct information. (III) Holmesdale Building Society recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Holmesdale Building Society recommend that, if we send a copy of a valuation report that Holmesdale Building Society have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Holmesdale Building Society or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Holmesdale Building Society conveyancing panel

In this situation please explain on the application what steps you have taken to find out 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 cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to get in touch with Holmesdale Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual inquiry for banks to set out 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 the firm’s Holmesdale Building Society solicitors panel reference.