Nedbank Conveyancing Panel Information

Lexsure only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Nedbank. 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 Nedbank

You need to be careful here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

During 2013, 106 sections of the UK Finance Lenders’ Handbook P2 were changed by Nedbank. Some changes are more important than others but as a firm on the Nedbank 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.

On the basis that your firm in is on the Nedbank conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Nedbank are to lend, they may require indemnity insurance. In any event,you will need to check Nedbank’s specific requirements. Notwithstanding whether Nedbank will lend in such circumstances you still need to advise the borrower (unless you are acting for Nedbank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

In the circumstances please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Nedbank panel membership. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You would be advised to communicate with Nedbank to obtain standard documents. The CML Handbook contains an express inquiry for banks to reveal who to contact to obtain standard documents. Nedbank in their Part 2’s state: It is likely that you will need to quote your Nedbank conveyancing panel number.