Monmouthshire Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Monmouthshire Building Society and to assist in remaining on the Monmouthshire Building Society Solicitor Panel.

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Monmouthshire Building Society Conveyancing Panel: Recently Asked Questions

Is it true that the Law Society has advised that firms check their status on the Monmouthshire Building Society conveyancing panel?

The Law Society of Scotland has suggested that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Monmouthshire Building Society conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Monmouthshire Building Society and other lenders have restricted their panel over the years. Why?

In operating open conveyancing panels, lenders such as Monmouthshire 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.

Monmouthshire 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.

Does my firm face suspension off the Monmouthshire Building Society solicitor panel if I have not sent the TID on a purchase within a certain time frame from draw-down of funds?

You might expect Monmouthshire Building Society via their Part 2 requirements to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Monmouthshire Building Society’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms contain a clause 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 Monmouthshire Building Society informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

I have been a solicitor for approximately 25 years with a clean claims history and have been refused acceptance on the Monmouthshire Building Society conveyancing panel with no explanation. Am I not entitled to a reason?

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Monmouthshire Building Society conveyancing panel to see if you are entitled to a reason.

When in comes to leasehold title investigations do Monmouthshire Building Society panel solicitors need to consider if there is an absentee landlord?

Assuming 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 freeholder.

Lockton’s PII renewal form questions if my practice had been removed off any lender panels in the last year. I recently found out that the practice is no longer on the Monmouthshire Building Society solicitor panel? Will that effect my PII cover?

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.

I am on the Monmouthshire Building Society conveyancing panel and due to complete a purchase shortly. I can not locate a Mortgage Deed for the client to sign. Who do I contact at Monmouthshire Building Society to get a duplicate Deed?

You would be advised to communicate with Monmouthshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express section for banks to reveal who to contact to obtain standard documents. Monmouthshire Building Society in their Part 2’s state:

It helps to disclose the firm’s Monmouthshire Building Society solicitors panel number.

Find a Lawyer on the Monmouthshire Building Society Solicitor Panel

Average number of days to register title including a charge in favour of Monmouthshire Building Society

This information relates to purchase only and not remortgages.

Year	Days*
2024	[no data]
2023	[no data]
2022	52.7
2021	[no data]
2020	[no data]
2019	30.6

* Data aggregated from sources including COMPLETIONmonitor

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