State Bank of India UK Conveyancing Panel Information

Lexsure only know of two or three lenders that operate a distinct conveyancing panel where the mortgage advance is over a certain amount. 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

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 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.
• 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 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.

During 2013, 2 sections of the UK Finance Lenders’ Handbook P2 were changed by State Bank of India UK. Some changes are more important than others but as a firm on the State Bank of India UK conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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. (II) 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 comprehensive 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

CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some Lenders now use the scheme as the starting point for Panel approval such as Santander.

You would be advised to communicate with State Bank of India UK to obtain standard documents. The CML Handbook includes an individual section for banks to enumerate who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: Please remember to disclose your State Bank of India UK conveyancing panel number.