Nationwide Building Society Conveyancing Panel Information

The CML, together with Nationwide Building Society and other lenders developed a standard set of instructions where a solicitor is representing a lender such as Nationwide Building Society alone in a residential conveyancing transaction. These requirements are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be read in conjunction with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

The Scottish Law Society 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 Nationwide 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 mumsnet.com

We only know of two or three banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Nationwide 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 Nationwide Building Society

Nationwide Building Society approved solicitors 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

You should provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the CQS team viability as to what has occured.

You should communicate with Nationwide Building Society to obtain standard documents. The CML Handbook has an explicit inquiry for lenders to set out who to contact to obtain standard documents. Nationwide Building Society in their Part 2’s state: Always remember to disclose the firm’s Nationwide Building Society solicitors panel number.