Swansea Building Society Conveyancing Panel Information

Many estate agents will be feeling the pain 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 lawyers.

You will be aware of the trend in recent years for lenders such as Swansea Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Swansea Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Swansea Building Society have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Swansea Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Swansea Building Society. You will no doubt be required to undertake directly to Swansea Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Swansea Building Society conveyancing panel.

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. First, 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 Swansea Building Society immediately. (b) 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 Swansea Building Society’s mortgage offer are correct. If they are not, please let Swansea Building Society know as soon as possible as it will be necessary for Swansea Building Society to check with the valuer whether the valuation needs to be revised. Swansea Building Society conveyancing panel solicitors are not expected to assume the role of valuer. Swansea Building Society are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Swansea Building Society 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. Swansea Building Society recommend that, if we send a copy of a valuation report that Swansea Building Society 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 structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Swansea Building Society 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 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 should contact Swansea Building Society to obtain standard documents. The CML Handbook includes an individual question for banks to cite who to contact to obtain standard documents. Swansea Building Society in their Part 2’s state: It helps to disclose the firm’s Swansea Building Society solicitors panel number.