Saffron Building Society Conveyancing Panel Information

The Council of Mortgage Lender requirements of Saffron Building Society are silent on this. Most lenders deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Saffron Building Society’s interest. To be absolutely sure of Saffron Building Society requirements in this regard please check the Terms and Conditions of Saffron Building Society’s conveyancing panel membership.

There are many reports available, five of which are as follows:

• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Buy to Let transactions
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Average time frame to register charges at the Land Registry
• Number of conveyancing cases by lender

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.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Saffron Building Society conveyancing panel to see if you are entitled to a reason.

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 communicate with Saffron Building Society to obtain standard documents. The CML Handbook contains an explicit inquiry for banks to set out who to contact to obtain standard documents. Saffron Building Society in their Part 2’s state: Always remember to disclose your Saffron Building Society conveyancing panel reference.