Looking for information about your firm's panel status?
Nottingham Building Society Conveyancing Panel Information:
What are the Nottingham Building Society conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
Minimum of 2 principle partners, minimum 3 year trading history, £2m liability insurance or £3m for LLP’s, practising certificates required and Sole practitioners not acceptable. Contact Lending services
You must also comply with the terms and conditions of your Nottingham Building Society solicitor panel appointment.
Is it possible that Nottingham Building Society will assign a different solicitor on the Nottingham Building Society solicitor panel for a further advance during the lifetime of a mortgage ?
The Building Society Association Mortgage Instructions relevant to a solicitor on the Nottingham Building Society conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Nottingham Building Society conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction must be adhered to .
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
As is the case with the Law Society the CLC has entered discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Nottingham Building Society in recent years
Why has the BSA introduced its own instructions?
The Building Society Association introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
What information is available via COMPLETIONmonitor to assist my appeal to be reinstated on the Nottingham Building Society solicitor panel?
There are many reports available but examples include:
- Average time frame to register charges at the Land Registry
- Average time frame to send deeds to the lender (calculated from completion date or title registration)
- Number of conveyancing cases by lender
- The percentage of the firm’s business which is conveyancing (broken down into sale)
- Average mortgage advance
- Buy to Let transactions
- Disclosure to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
- Evidence of undertaking logs
- Current and historic missed priority dates
- Analysis as to the nature of clients (e.g. seen in person)
The firm that I work for is on the Nottingham Building Society conveyancing panel. I am
dealing with Nottingham Building Society mortgage on a purchase. My
borrower client is asking not to disclose an issue to Nottingham Building Society. What do I do in this conflict situation?
When a solicitor is acting for both Nottingham Building Society and
borrower there is potential for conflicts to arise. You owe duties to
both clients. All information received by you from your client is
confidential and cannot be disclosed without the client’s consent.
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 Nottingham Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Nottingham 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 Nottingham Building Society conveyancing panel status.
Are figures published revealing the Nottingham Building Society conveyancing panel size as well as the number of conveyancing firms removed from their panel each quarter?
With mortgage companies and solicitors working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Nottingham Building Society conveyancing panel but for all bank panels
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Nottingham Building Society Approved Conveyancing Solicitors Panel
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Average number of days to register title including a charge in favour of Nottingham Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [no data] |
| 2018 | 33.9 |
| 2017 | 36.8 |
* Data aggregated from sources including COMPLETIONmonitor
