Can you give me an example of some of the reports available via COMPLETIONmonitor to support my application to be on the Nationwide Building Society conveyancing panel
There are many reports available, five of which are as follows:
Current and historic missed priority dates
Evidence of undertaking logs
Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
Average mortgage advance
Number of conveyancing cases by lender
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
Nationwide Building Society conveyancing panel can you tell me how Part 2 changes took place by
Nationwide Building Society during 2013?
During 2013, 68 sections of the UK Finance Lenders’ Handbook P2 were changed by
Nationwide Building Society. Some changes are more important than others but as a firm on the
Nationwide Building Society 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.
I seldom receive a copy of a lender valuation any more. Does the extent of my Nationwide Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
Nationwide Building Society as the lender?
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. First, 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
Nationwide Building Society 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
Nationwide Building Society’s mortgage offer are correct. If they are not, please let
Nationwide Building Society know as soon as possible as it will be necessary for
Nationwide Building Society to check with the valuer whether the valuation needs to be revised.
Nationwide Building Society conveyancing panel solicitors are not expected to assume the role of valuer.
Nationwide Building Society are simply trying to ensure that the valuer has valued the property based on correct information. (c) Nationwide Building Society 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.
Nationwide Building Society recommend that, if we send a copy of a valuation report that
Nationwide Building Society 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 structural survey.
If you do not receive a copy of the valuation you can always ask for a copy of one from
Nationwide Building Society 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
Nationwide Building Society conveyancing panel
Where can I find the Nationwide Building Society conveyancing panel requirements in respect of Transfer of Equity Conveyancing?
Nationwide Building Society approved panel lawyers have to comply with the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if
Nationwide Building Society require, the deed of covenant on their behalf. You will need to check
Nationwide Building Society CML Part 2 conditions to see if
Nationwide Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the
Nationwide Building Society conveyancing panel
Do publish figures exists revealing the
Nationwide Building Society conveyancing panel size and the number of conveyancing firms dismissed each year?
With lenders and conveyancing firms 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
Nationwide Building Society conveyancing panel but for all lender panel listings
Our membership of the
Nationwide Building Society conveyancing panel was suspended but was reinstated on appeal, do I need to include this information on my application for CQS accreditation?
It would be advisable to supply details of the date of removal, information on the reason for
removal, date of appeal and any reason given for reinstatement. This
should not adversely impact your application but gives the Law Society a complete picture of what has occured.
My firm is listed on the
Nationwide Building Society
conveyancing panel and all set to complete a remortgage within the next few weeks. I dont have a Mortgage Deed for the client to sign.
Who do I contact at Nationwide Building Society to obtain duplicate documents?
You would be advised to contact Nationwide Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express section for banks to establish who to contact to obtain standard documents.
Don’t forget to quote the firm’s Nationwide Building Society solicitors panel number.