Sainsbury's Bank Conveyancing Panel Information

We only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Sainsbury's Bank. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Sainsbury's Bank

One might ordinarily expect Sainsbury's Bank via their Part Two conditions to address this but the Handbook is silent on deadlines to send deeds. You need to look at the Terms of Sainsbury's Bank’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms include a clause along the following lines: ‘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 important to keep Sainsbury's Bank updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Sainsbury's Bank immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Sainsbury's Bank’s mortgage offer are correct. If they are not, please let Sainsbury's Bank know as soon as possible as it will be necessary for Sainsbury's Bank to check with the valuer whether the valuation needs to be revised. Sainsbury's Bank conveyancing panel solicitors are not expected to assume the role of valuer. Sainsbury's Bank are simply trying to ensure that the valuer has valued the property based on correct information. (c) Sainsbury's Bank recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Sainsbury's Bank recommend that, if we send a copy of a valuation report that Sainsbury's Bank have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Sainsbury's Bank or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Sainsbury's Bank conveyancing panel

Assuming that your practice in is on the Sainsbury's Bank conveyancing panel and you are representing 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 Sainsbury's Bank are to lend, they may require indemnity insurance. In any event,you will need to check Sainsbury's Bank’s specific requirements. Notwithstanding whether Sainsbury's Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Sainsbury's Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

In the circumstances please explain on the application what steps you have taken to discover the reasons behind cancellation of your Sainsbury's Bank panel status. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You need to contact Sainsbury's Bank to obtain standard documents. The CML Handbook includes a specific question for banks to cite who to contact to obtain standard documents. Sainsbury's Bank in their Part 2’s state: It is likely that you will need to quote your Sainsbury's Bank conveyancing panel number.