Saffron Building Society Conveyancing Panel Information

As is the case with the Law Society the CLC has initiated dialogue with banks 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 via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Saffron Building Society as well as the CML.

During 2013, 30 sections of the UK Finance Lenders’ Handbook P2 were changed by Saffron Building Society. Some changes are more important than others but as a firm on the Saffron Building Society 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 practice in is on the Saffron Building Society 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 Saffron Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Saffron Building Society’s specific requirements. Notwithstanding whether Saffron Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Saffron Building Society alone) as to the risks of buying a property with an insolvent or absentee freeholder.

10 people attempt to locate a solicitor on the Saffron Building Society panel every 4 weeks in Hendon. The lenderpanel directory service team who will show you how your firm can be found by those searching for conveyancing in Hendon.

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Saffron Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to contact Saffron Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual question for banks to set out who to contact to obtain standard documents. Saffron Building Society in their Part 2’s state: Please remember to quote the firm’s Saffron Building Society conveyancing panel reference.