Sainsbury's Bank Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a tool.

We only know of a couple of banks that operate a separate approved solicitors panel where the mortgage advance is over a certain threshold. 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

The CLC has entered discussions with lenders 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 Sainsbury's Bank in recent years.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) 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. (III) 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 survey 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

In the circumstances please clarify on the form what action you have taken to find out the reasons behind cancellation of your Sainsbury's Bank panel membership. 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 should get in touch with Sainsbury's Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for banks to enumerate who to contact to obtain standard documents. Sainsbury's Bank in their Part 2’s state: Please remember to disclose your Sainsbury's Bank solicitors panel number.