Swansea Building Society Conveyancing Panel Information

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

• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Number of conveyancing cases by lender
• Average time frame to register charges at the Land Registry
• Buy to Let transactions
• Average time frame to send deeds to the lender (calculated from completion date or title registration)

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Swansea Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

When a solicitor is acting for both Swansea Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Swansea Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Swansea Building Society the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Swansea Building Society conveyancing panel status.

Swansea Building Society 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 Swansea Building Society require, the deed of covenant on their behalf. You will need to check Swansea Building Society CML Part 2 conditions to see if Swansea Building Society 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 Swansea Building Society conveyancing panel

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.

You need to communicate with Swansea Building Society to obtain standard documents. The CML Handbook includes an individual inquiry for lenders to set out who to contact to obtain standard documents. Swansea Building Society in their Part 2’s state: You will need to disclose the firm’s Swansea Building Society solicitors panel number.