Swansea Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Swansea Building Society and to assist in remaining on the Swansea Building Society Solicitor Panel.

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Swansea Building Society Solicitor Panel: Recently Asked Questions

Am I obliged, being on the Swansea Building Society conveyancing panel, to carry out a LMO4 search?

Swansea Building Society make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Swansea Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 72 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searchflow.

I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?

The fact of the matter is that estate agents are suffering if their clients start out on the conveyancing process using 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 solicitors .

A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Swansea Building Society and other lenders have restricted their panel over the years. Why?

In operating open conveyancing panels, lenders such as Swansea Building Society face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Swansea Building Society and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

Do lenders such as Swansea Building Society operate detached conveyancing panel for buy to let mortgages?

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Swansea Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Swansea Building Society we suggest that you call Swansea Building Society to check the position.

Do publish figures exists disclosing the Swansea Building Society conveyancing panel size and the number of conveyancing firms removed from their panel each quarter?

With lenders and property lawyers working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Swansea Building Society conveyancing panel but for all bank panel listings

Lockton’s PII renewal form questions if my firm had been excluded from any lender panels in the last year. I recently discovered that the firm is no longer on the Swansea Building Society conveyancing panel? Will that effect my PII cover?

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Swansea Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

I am on the Swansea Building Society conveyancing panel and all set to complete a remortgage within the next week. I dont have a Mortgage Deed for the client to sign. Who do I contact at Swansea Building Society to obtain duplicate documents?

You would be advised to contact Swansea Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express question for lenders to establish who to contact to obtain standard documents. Swansea Building Society in their Part 2’s state:

It is likely that you will need to quote your Swansea Building Society solicitors panel number.

Find a Lawyer on the Swansea Building Society Solicitor Panel

Average number of days to register title including a charge in favour of Swansea Building Society

This information relates to purchase only and not remortgages.

Year	Days*
2025	[no data]
2024	[no data]
2023	[no data]
2022	[no data]
2021	[no data]
2020	[no data]

* Data aggregated from sources including COMPLETIONmonitor

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