An established client of mine is buying a property for £750k in Leeds with a mortgage over GBP 450,000.
I am on the
State Bank of India UK conveyancing panel but do State Bank of India UK have a separate approved panel when the advance is above 400,000?
Lexsure only know of a couple of banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain level.
You should nevertheless check directly with
State Bank of India UK. 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 State Bank of India UK
Given my firm’s membership on the State Bank of India UK conveyancing panel how long am I expected to keep hold of the original conveyancing file?
The CML Part II requirements of
State Bank of India UK are silent on this. Most mortgage companies deal with the question of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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 State Bank of India UK’s interest. To be
absolutely sure of State Bank of India UK requirements in this regard
please check the Terms and Conditions of State Bank of India UK’s
conveyancing panel membership.
Does my firm face suspension off the
State Bank of India UK solicitor panel if I have not sent the title deed on a purchase within a certain time frame from draw-down of funds?
One might ordinarily expect
State Bank of India UK via their Part 2 conditions to address this but the Handbook makes no mention on time frames. You need to look at the Terms of
State Bank of India UK’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms contain a provision 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
State Bank of India UK updated.
Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on the majority of approved panels including the
State Bank of India UK conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Should I reference these Conditions ?
The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations.
You have to try and take an objective view as to whether the Terms relating to the
State Bank of India UK conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.
I rarely receive a copy of a valuation from a lender these days. Do my State Bank of India UK conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with
State Bank of India UK as the Mortgagee?
You have a number of obligations in this regard which 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
State Bank of India UK immediately. Second, 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
State Bank of India UK’s mortgage offer are correct. If they are not, please let
State Bank of India UK know as soon as possible as it will be necessary for
State Bank of India UK to check with the valuer whether the valuation needs to be revised.
State Bank of India UK conveyancing panel solicitors are not expected to assume the role of valuer.
State Bank of India UK are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, State Bank of India UK 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.
State Bank of India UK recommend that, if we send a copy of a valuation report that
State Bank of India UK 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
State Bank of India UK 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
State Bank of India UK conveyancing panel
Does Conveyancing Quality Scheme acceptance secure my firm’s acceptance on to lenders conveyancing panels?
CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance as is the case with Santander.
I am on the
State Bank of India UK
conveyancing panel and scheduled to complete a purchase within the next few weeks. I dont have a Legal Charge for the client to sign.
Who do I contact at State Bank of India UK to request substitute deeds?
You need to contact State Bank of India UK
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for banks to reveal who to contact to obtain standard documents.
State Bank of India UK in their Part 2’s state:
Always remember to quote the firm’s State Bank of India UK conveyancing panel number.