Nationwide Building Society Conveyancing Panel Information

Nationwide Building Society make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Nationwide Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 65 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as STL.

The CML Part II requirements of Nationwide Building Society are silent on this. Most lenders address the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Nationwide Building Society’s interest. To be absolutely sure of Nationwide Building Society requirements in this regard please check the Terms and Conditions of Nationwide Building Society’s conveyancing panel appointment.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Nationwide Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Full career history for each solicitor including admission date to the relevant Law Society

top-up split and history of any refusals

Whether any lender has ever made a claim against the firm’s PII cover

Number of lender conveyancing panels the firm is currently on

Areas of Law covered by the firm

List of all those who can sign off the Certificate Of Title

SRA or equivalent regulator registration number where applicable

Full disciplinary history for each conveyancing solicitor

There are many reports available, five of which are as follows:

• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Current and historic missed priority dates
• Average mortgage advance
• Number of conveyancing cases by lender
• Evidence of undertaking logs

It would be advisable to 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 application but gives the Law Society viability as to what has occured.

You should communicate with Nationwide Building Society to obtain standard documents. The CML Handbook contains a specific inquiry for lenders to cite who to contact to obtain standard documents. Nationwide Building Society in their Part 2’s state: You will need to quote your Nationwide Building Society solicitors panel number.