Do National Westminster Bank or the CML run training seminars for the
National Westminster Bank approved conveyancing panel in the same way that CQS run CPD Courses for accredited firms?
This not something that the CML would traditionally get involved with although they do host numerous general legal related conferences which are attended by firms on the National Westminster Bank conveyancing panel. It is our intention to run specific lender focused seminars in the near future including a webinar on National Westminster Bank’s Part 2 obligations. Practitioners on the National Westminster Bank conveyancing panel are welcome. Further details will be made available as part of the LENDERmonitor Alerts.
Do you have any idea what Lenders such as
National Westminster Bank are asking for when it comes to applying to be on their approved solicitor list?
Criteria differ from lender to lender.
We do not hold specific requirements relating to the questions raised as part of the application to be on the
National Westminster Bank conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
List of all those who fund the firm, including non-lawyers if applicable
Whether the firm has ever accepted instructions in respect of property clubs and investment schemes
Full complaints history for each conveyancing solicitor
PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic
Whether the firm is able to operate in other jurisdictions
List of all Licensed Conveyancers within firm
House price discrepancies (declared to lender vs. registered at Land Registry)
Full disciplinary history for each licensed conveyancer
Areas of Law covered by the firm
What type of firms do building societies include on their Conveyancing Panels?
In the same way that there is a unique National Westminster Bank
conveyancing panel most building societies, operate a conveyancing
panel for solicitors and other conveyancers that the lender will
instruct. Terms and Conditions and criteria for inclusion on a
building society conveyancing panel vary from lender-to-lender. Having
CQS accreditation may be a requirement. Institutional lenders, such
as a building society, is a client and is entitled to instruct the
solicitor or conveyancer of its choosing (who, in turn, is free to
accept or refuse instructions). Therefore, if lender and borrower
cannot agree which solicitor or conveyancer should represent them
jointly, they would usually proceed on a separate representation
basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with Part 2 requirements . I am on the
National Westminster Bank conveyancing panel can you tell me how Part 2 changes took place by
National Westminster Bank during 2013?
During 2013, 167 sections of the UK Finance Lenders’ Handbook P2 were changed by
National Westminster Bank. Some changes are more important than others but as a firm on the
National Westminster Bank conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article
that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.
Remember: CML requirements are not guidelines; they are the lender client’s instructions.
Will Conveyancing Quality Scheme accreditation guarantee my firm’s acceptance on to lenders conveyancing panels?
CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some mortgage companies now use CQS as the starting point for Panel approval as is the case with Astra Mortgages.
I am on the
National Westminster Bank
conveyancing panel and scheduled to complete a purchase within the next few weeks. My papers do not include a Legal Charge for the client to execute.
Who do I contact at National Westminster Bank to get a duplicate Deed?
You need to communicate with National Westminster Bank
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express question for banks to cite who to contact to obtain standard documents.
Always remember to quote your National Westminster Bank solicitors panel number.