Monmouthshire Building Society Conveyancing Panel Information

Lexsure only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with Monmouthshire Building Society. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Monmouthshire Building Society

There are many reports available, five of which are as follows:

• Evidence of undertaking logs
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Number of conveyancing cases by lender
• Current and historic missed priority dates
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

Please tread carefully here as what you are intending may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making 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.

On the basis that your firm in is on the Monmouthshire Building Society conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Monmouthshire Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Monmouthshire Building Society’s specific requirements. Notwithstanding whether Monmouthshire Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Monmouthshire Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Monmouthshire Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should get in touch with Monmouthshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for banks to reveal who to contact to obtain standard documents. Monmouthshire Building Society in their Part 2’s state: Don’t forget to quote the firm’s Monmouthshire Building Society conveyancing panel reference.