Market Harborough Building Society Conveyancing Panel Information

No such training is arranged by the CML but they do host a number of useful conveyancing related conferences which are attended by firms on the Market Harborough Building Society conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on Market Harborough Building Society’s Part 2 requirements. Law firms on the Market Harborough Building Society conveyancing panel are welcome. Further details will be communicated as part of the LENDERmonitor Alerts.

One might ordinarily expect Market Harborough Building Society via their Part 2 conditions to address this but the Handbook is silent on time frames. Do look at the Terms of Market Harborough Building Society’s Conveyancing Panel Appointment that you entered into. For many lender's these Terms have a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Market Harborough Building Society informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

The answer to this question really depends on the reason that your firm has been removed off the Market Harborough Building Society conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Market Harborough Building Society conveyancing panel.

You will be aware of the trend in recent years for lenders such as Market Harborough Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Market Harborough Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Market Harborough Building Society have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Market Harborough Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Market Harborough Building Society. You will no doubt be required to undertake directly to Market Harborough Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Market Harborough Building Society conveyancing panel.

You should provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your firm’s application but gives the Law Society viability as to what has gone on.

You should contact Market Harborough Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for lenders to reveal who to contact to obtain standard documents. Market Harborough Building Society in their Part 2’s state: Always remember to disclose the firm’s Market Harborough Building Society solicitors panel number.