State Bank of India UK Conveyancing Panel Information

Paragraph 16.2.1 of the UK Finance Lenders’ Handbook relevant to a solicitor on the State Bank of India UK conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

The CML Part II requirements of State Bank of India UK are silent on this. Most mortgage companies address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 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 acceptance.

State Bank of India UK approved panel lawyers have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if State Bank of India UK require, the deed of covenant on their behalf. You will need to check State Bank of India UK CML Part 2 conditions to see if State Bank of India UK have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the State Bank of India UK conveyancing panel

With mortgage companies and solicitors working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the State Bank of India UK conveyancing panel but for all bank panel listings

The Law Society’s 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 join their approved list of conveyancing solicitors. A number of mortgage companies now use the scheme as the starting point for Panel membership such as Santander.

You would be advised to communicate with State Bank of India UK to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual inquiry for lenders to set out who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: Don’t forget to quote your State Bank of India UK solicitors panel number.