NRAM Ltd Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the NRAM Ltd conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

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 complaints history for each conveyancing solicitor

Number of lender conveyancing panels the firm is currently on

List of all those who fund the firm, including non-lawyers if applicable

Solicitor

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

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

and Conveyancing Quality Scheme

Full disciplinary history for each conveyancing solicitor

House price discrepancies (declared to lender vs. registered at Land Registry)

We can't comment specifically on NRAM Ltd. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if she is in dispute with the lender he is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the NRAM Ltd conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. 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.

When a solicitor is acting for both NRAM Ltd 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 the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the NRAM Ltd and it may well be prudent you to cease to act for the purchaser as well. You can not tell the NRAM Ltd 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 NRAM Ltd conveyancing panel status.

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. A number of Lenders now use the scheme as the starting point for Panel membership as is the case with HSBC.

You would be advised to get in touch with NRAM Ltd to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific inquiry for banks to set out who to contact to obtain standard documents. NRAM Ltd in their Part 2’s state: Please remember to disclose the firm’s NRAM Ltd conveyancing panel reference.