The Chorley & District Building Society Conveyancing Panel Information

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

The Chorley & District Building Society Solicitor Panel Information:

What are the The Chorley & District Building Society conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements. The Special Requirements state:

No set panel but any firm wanting to act for CDBS must meet the specific requirements set out below.

Specific Requirements

1. Law Society or CLC member

2. Minimum of 2 partners or directors

You must also comply with the terms and conditions of your The Chorley & District Building Society solicitor panel appointment.

Are The Chorley & District Building Society Conveyancing panel lawyers exposed to the possibility of the society amending or withdrawing the mortgage offer?
The Chorley & District Building Society ‘s answer to this question can be found at section B.3 of their BSA Mortgage Instructions which states:

Any incentive, or third party involvement, of which we were previously unaware. Any material change in borrower’s circumstance between offer and completion

Can my firm submit a complaint to the BSA about being removed excluded suspended from the The Chorley & District Building Society conveyancing panel?
The BSA is not a regulator and therefore do not investigate complaints against lenders. You can of course contact Lexsure to see if we can help.
Is it the case that the Law Society has recommended that firms check their status on the The Chorley & District Building Society conveyancing panel?
The Law Society of Scotland has advised that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the The Chorley & District Building Society conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel ?
Many estate agents will be 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 lawyers.
In my capacity as COLP for my firm should I be thinking about SRA Handbook implications if my firm is removed off the The Chorley & District Building Society conveyancing panel?
The answer to this question really depends on the reason that your firm has been removed off the The Chorley & District Building Society conveyancing panel. The top 3 reasons are as follows:
  1. lack of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction.
In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications, the firms COFA needs to consider whether he or she needs to take any action as result of being removed from the conveyancing panel of The Chorley & District Building Society.
What type of firms do building societies allow to be on their conveyancing panel?
In the same way that there is a unique The Chorley & District Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement.

Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.

What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of frequency of questions. The most popular lender panels in terms of questions are as follows:

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Average number of days to register title including a charge in favour of The Chorley & District Building Society
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor