State Bank of India UK Conveyancing Panel Information

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 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 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 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.
• 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.

You will be aware of the trend in recent years for lenders such as State Bank of India UK to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the State Bank of India UK panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and State Bank of India UK have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires State Bank of India UK’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for State Bank of India UK. You will no doubt be required to undertake directly to State Bank of India UK’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the State Bank of India UK conveyancing panel.

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

CQS accreditation 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 mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval as is the case with HSBC.

You should contact State Bank of India UK to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for banks to establish who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: You will need to disclose the firm’s State Bank of India UK conveyancing panel number.