Saffron Building Society Conveyancing Panel Information

Many estate agents are suffering if their clients start out on the conveyancing process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

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 Saffron Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all Licensed Conveyancers within firm

List of all those staff who work within the conveyancing team

Full disciplinary history for each conveyancing solicitor

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

Whether any lender has ever made a claim against the firm’s PII cover

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 fund the firm, including non-lawyers if applicable

Full career history for each solicitor including admission date to the relevant Law Society

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

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.

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.

With lenders and solicitors working so closely together 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 Saffron Building Society conveyancing panel but for all bank panel listings

Your insurance brokers are your best port of call to address this question. 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 should get in touch with Saffron Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for lenders to cite who to contact to obtain standard documents. Saffron Building Society in their Part 2’s state: Always remember to quote your Saffron Building Society solicitors panel number.