Monmouthshire Building Society Conveyancing Panel Information

The Law Society of Scotland has suggested that solicitors should check their panel status with lenders 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 recommendation 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

The fact of the matter is that estate agents are feeling the pain if their clients start out on the buying process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

In order to be on the Monmouthshire Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Monmouthshire Building Society) are as follows:

• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• 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.)
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

On the basis that your firm in is on the Monmouthshire Building Society conveyancing panel and you are representing 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.

The best placed professionals to answer this question are your insurance brokers. 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 contact Monmouthshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific inquiry for banks to set out who to contact to obtain standard documents. Monmouthshire Building Society in their Part 2’s state: It helps to quote the firm’s Monmouthshire Building Society solicitors panel number.