Looking for information about your firm's panel status?
Norwich and Peterborough Building Society Solicitor Panel Information:
To be a member of our conveyancing panel you must be CQS accredited, must have submitted an application form, be registered on www.lawsociety.org, produced your current Practising Certificate together with evidence of professional indemnity insurance cover for a minimum of £2m (£3m if the firm is a Limited Liability Partnership or a company). Any panel application is subject to individual assessment and approval.
You must also comply with the terms and conditions of your Norwich and Peterborough Building Society solicitor panel appointment.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Norwich and Peterborough Building Society and other BSA 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.
You have to try and take an objective view as to whether the Terms relating to the Norwich and Peterborough Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.
In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Norwich and Peterborough Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Norwich and Peterborough Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Norwich and Peterborough Building Society conveyancing panel status.
Find a Lawyer on the Norwich and Peterborough Building Society Approved Conveyancing Solicitors Panel
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