State Bank of India UK Conveyancing Panel Information

Many estate agents will be suffering if their clients start out on the buying process having appointed a solicitor 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 lawyers.

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 State Bank of India UK conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

Full complaints history for each licensed conveyancer

Structure of firm and, where applicable, its group

Charge registration history

Full disciplinary history for each conveyancing solicitor

List of all solicitors within firm

Areas of Law covered by the firm

List of fee-earners who are foreign qualified

Number of lender conveyancing panels the firm is currently on

Whether the firm is able to operate in other jurisdictions

In order to be on the State Bank of India UK conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily State Bank of India UK) are as follows:

• 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.)
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.

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 State Bank of India UK conveyancing panel to see if you are entitled to a reason.

CQS membership gives no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some Lenders now use the scheme as the starting point for Panel approval such as HSBC.

You should contact State Bank of India UK to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual question for lenders to establish who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: It is likely that you will need to disclose your State Bank of India UK conveyancing panel number.