State Bank of India UK Conveyancing Panel Information

The CML, together with State Bank of India UK and other members created a standard set of requirements where a solicitor is representing a lender such as State Bank of India UK alone in a residential conveyancing transaction. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be read together with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

The CLC has begun discussions with banks 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. It is likely that that the CLC have been in touch with lenders such as State Bank of India UK in the recent past.

There are many reports available, five of which are as follows:

• Buy to Let transactions
• Evidence of undertaking logs
• Average time frame to register charges at the Land Registry
• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Current and historic missed priority dates

You need to be careful here as what you are suggesting may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

The Law Society’s CQS accreditation 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. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership as is the case with HSBC.

You would be advised to communicate with State Bank of India UK to obtain standard documents. The CML Handbook incorporates a specific section for lenders to set out 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 solicitors panel reference.