State Bank of India UK Conveyancing Panel Information

The fact of the matter is that estate agents are feeling the pain if their clients start out on the buying process having appointed a conveyancer 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.

Each lender has different 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):

Areas of Law covered by the firm

Whether the firm is able to operate in other jurisdictions

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

Full disciplinary history for each conveyancing solicitor

Structure of firm and, where applicable, its group

Number of lender conveyancing panels the firm is currently on

Full complaints history for each licensed conveyancer

List of fee-earners who are foreign qualified

List of all solicitors within firm

Charge registration history

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.

You have a number of obligations in this regard which 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. Second, 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. (c) 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 survey or structural 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 gives 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. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance such as HSBC.

You would be advised to get in touch with State Bank of India UK to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for lenders to cite who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: Don’t forget to quote the firm’s State Bank of India UK conveyancing panel reference.