Holmesdale Building Society Conveyancing Panel Information

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.

With banks and property lawyers working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Holmesdale Building Society conveyancing panel but for all lender panel listings

13 people search for a solicitor on the Holmesdale Building Society panel each month in Hendon. The lenderpanel directory service team who will show you how your firm can be identified by those searching for conveyancing in Hendon.

In the circumstances please clarify on the form 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 termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should communicate with Holmesdale Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual section for banks to cite 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 conveyancing panel reference.