Are National Westminster Bank Conveyancing panel solicitors under an obligation to disclose incentives?
National Westminster Bank’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements
My client is buying a detached house for £800,000 in Leeds with a mortgage over GBP 410k.
I am on the
National Westminster Bank conveyancing panel but do National Westminster Bank have a separate approved panel when a mortgage is above 400,000?
We only know of a couple of banks that operate a distinct conveyancing panel where the mortgage advance is over a certain threshold.
You should nevertheless check directly with
National Westminster Bank. 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 National Westminster Bank
I seldom receive a copy of a lender valuation any more. Does the extent of my National Westminster Bank conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
National Westminster Bank as the Mortgagee?
There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell
National Westminster Bank immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in
National Westminster Bank’s mortgage offer are correct. If they are not, please let
National Westminster Bank know as soon as possible as it will be necessary for
National Westminster Bank to check with the valuer whether the valuation needs to be revised.
National Westminster Bank conveyancing panel solicitors are not expected to assume the role of valuer.
National Westminster Bank are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, National Westminster Bank recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower.
National Westminster Bank recommend that, if we send a copy of a valuation report that
National Westminster Bank have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey.
If you do not receive a copy of the valuation you can always ask for a copy of one from
National Westminster Bank or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the
National Westminster Bank conveyancing panel
In carrying out leasehold conveyancing do
National Westminster Bank conveyancing panel lawyers have to examine whether there is an insolvent landlord?
Given that your firm in is on the
National Westminster Bank 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
National Westminster Bank are to lend, they may require indemnity insurance. In any event,you will need to check
National Westminster Bank’s specific requirements. Notwithstanding whether
National Westminster Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for
National Westminster Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.
Are figures published regarding the
National Westminster Bank conveyancing panel size and the number of conveyancing firms dismissed each quarter?
With banks and conveyancers working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the
National Westminster Bank conveyancing panel but for all mortgage panel listings
Will CQS membership guarantee my firm’s acceptance on to lenders conveyancing panels?
The Law Society’s 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 remain on their approved list of conveyancing solicitors. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as Astra Mortgages.
I am on the
National Westminster Bank
conveyancing panel and scheduled to complete a purchase within the next week. My papers do not include a Mortgage Deed for the client to execute.
Who do I contact at National Westminster Bank to obtain duplicate documents?
You would be advised to communicate with National Westminster Bank
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific section for banks to reveal who to contact to obtain standard documents.
Please remember to quote the firm’s National Westminster Bank conveyancing panel number.