Monmouthshire Building Society Conveyancing Panel Information

UK Finance Designator: Monmouthshire Building Society
Jurisdiction: England and Wales

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

Do the Council of Mortgage Lenders intend to launch a searchable register search tool with a view to list law firms on the Monmouthshire Building Society conveyancing panel?
We are not aware of any intention on the part of the CML to develop such a tool.

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My client is looking to purchase a property for £750k in Liverpool with a mortgage over GBP 450,000. I am on the Monmouthshire Building Society conveyancing panel but do Monmouthshire Building Society have a separate approved panel when the advance is above 400,000?
We only know of two or three banks that operate a separate approved solicitors panel where the mortgage advance is over a certain amount. 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
In my capacity as COLP for my firm should I be thinking about SRA Handbook implications if my firm is withdrawn off the Monmouthshire Building Society solicitor panel?
The answer to this question really depends on the reason that your firm has been removed off the Monmouthshire 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 COLP 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 Monmouthshire Building Society conveyancing panel.
My firm is not on the Monmouthshire Building Society conveyancing panel as well other lenders. My clients, who have applied for a mortgage with Monmouthshire Building Society still want me to act for them even though I am not on the Monmouthshire Building Society panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for Monmouthshire Building Society on mortgage aspect of the conveyancing?
Please tread carefully here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty 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 conveyancer. You also need to make the costs implications and potential for delay very clear to your client.
We are acting for a seller of a property and we have just received an email from the buyers solicitors who are not on the Monmouthshire Building Society conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for Monmouthshire Building Society. How has this come about?
You will be aware of the trend in recent years for lenders such as Monmouthshire 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 Monmouthshire Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Monmouthshire 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 Monmouthshire 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 Monmouthshire Building Society. You will no doubt be required to undertake directly to Monmouthshire 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 Monmouthshire Building Society conveyancing panel.
Marsh’s PII renewal form enquires if my practice had been excluded from any lender panels in the last year. I recently found out that the firm is no longer on the Monmouthshire Building Society solicitor panel? Is this likely to impact my insurance?
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.
I am on the Monmouthshire Building Society conveyancing panel and scheduled to complete a remortgage within the next week. I can not locate a Mortgage Deed for the client to sign. Who do I contact at Monmouthshire Building Society to obtain duplicate documents?
You should contact Monmouthshire Building Society to obtain standard documents. The CML Handbook contains an individual inquiry for lenders to establish who to contact to obtain standard documents. Please remember to quote your Monmouthshire Building Society solicitors panel number.

Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 01/04/2019 CML
14.2.2 27/03/2019 CML
1.14 07/03/2019 CML
6.7.1 07/03/2019 CML
16.5.3b 11/10/2018 CML
1.7 11/10/2018 CML
5.14.15a 11/10/2018 CML Absentee Landlord Indemnity Insurance
5.10.1 11/10/2018 CML
9.1 11/10/2018 CML Adverse Possession Indemnity Insurance Possessory Title Indemnity Insurance Missing Deeds Indemnity Insurance Defective Title Indemnity Insurance
1.11a 25/10/2017 CML

Last update 10/02/2020

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