Nationwide Building Society Conveyancing Panel Information

The Council of Mortgage Lender requirements of Nationwide Building Society are silent on this. Most lenders deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 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.

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 Nationwide Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full disciplinary history for each conveyancing solicitor

SRA or equivalent regulator registration number where applicable

top-up split and history of any refusals

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

Areas of Law covered by the firm

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

Number of lender conveyancing panels the firm is currently on

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

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

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

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

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.

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 negatively affect your firm’s application but gives the CQS team a complete picture of what has gone on.

You need to communicate with Nationwide Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for lenders to reveal who to contact to obtain standard documents. Nationwide Building Society in their Part 2’s state: Always remember to quote the firm’s Nationwide Building Society conveyancing panel reference.