Nationwide Building Society Conveyancing Panel Information
UK Finance Designator: Nationwide Building Society
Jurisdiction: England and Wales
The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Nationwide Building Society and to assist in remaining on the Nationwide Building Society Conveyancing Panel.
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Nationwide Building Society Solicitor Panel: Recently Asked Questions
Remember 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 72 property 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.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Nationwide Building Society and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Remember: CML requirements are not guidelines; they are the lender client’s instructions.
Recent Changes Include
|#||Date||Assoc.||Changes Related To|
|5.13.1||CML||Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance|
|5.5.4||CML||Restrictive Covenant Indemnity Insurance|
|5.4.5||CML||Local Search Indemnity Insurance|
|5.7.1a||CML||Flying Freehold Indemnity Insurance|
Last update 12/11/2018