Metro Bank Conveyancing Panel Information

We are not aware of any intention on the part of the CML to develop such a search facility.

Please tread carefully here as what you are suggesting may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

Metro Bank approved solicitors are bound by the UK Finance Lenders’ Handbook 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 Metro Bank require, the deed of covenant on their behalf. You will need to check Metro Bank CML Part 2 conditions to see if Metro Bank 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 Metro Bank conveyancing panel

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. A number of Lenders now use the scheme as the starting point for Panel approval as is the case with Santander.

You would be advised to get in touch with Metro Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for banks to set out who to contact to obtain standard documents. Metro Bank in their Part 2’s state: It is likely that you will need to quote the firm’s Metro Bank solicitors panel number.