Progressive BS Conveyancing Panel Information

You might expect Progressive BS via their Part 2 conditions to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of Progressive BS’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms include a provision such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Progressive BS informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

When a solicitor is acting for both Progressive BS 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 Progressive BS and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Progressive BS 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 Progressive BS conveyancing panel status.

Progressive BS approved solicitors are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Progressive BS require, the deed of covenant on their behalf. You will need to check Progressive BS CML Part 2 conditions to see if Progressive BS have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Progressive BS conveyancing panel

With lenders and solicitors working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Progressive BS conveyancing panel but for all bank panel listings

The Law Society’s CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their panels. Some mortgage companies now use the scheme as the starting point for Panel acceptance such as HSBC.

You need to communicate with Progressive BS to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit inquiry for lenders to set out who to contact to obtain standard documents. Progressive BS in their Part 2’s state: Always remember to quote the firm’s Progressive BS solicitors panel number.