Bank of Ireland Conveyancing Panel Compliance

Bank of Ireland Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. COMPLETIONmonitor is a unique risk management tool.

This system assists the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Bank of Ireland’s changes. Even though utilising the tool is not a condition for acceptance on the Bank of Ireland panel, demonstrating you can remain up to date with Bank of Ireland’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your firm’s panel status.

The system generates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for many firms, leads to a PII saving.

Find a Law Firm approved by Bank of Ireland

Banks and building societies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Bank of Ireland are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Bank of Ireland has made 175 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 15.6 days. In total, 27% of the sections of P2 of the UK Finance Lenders’ Handbook for Bank of Ireland have been changed since 15/12/2008.

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Recent Changes Include

#	Date	Assoc.	Changes Related To
5.14.1	03/10/2017	CML	Leasehold Conveyancing Bank of Ireland (UK) plc panel lawyers leasehold conveyancing requirements : minimum unexpired lease term
14.2.2	19/06/2017	CML	Post Completion Conveyancing Which documents should conveyancing panelfor Bank of Ireland (UK) plc send the title deeds and documents following completion?
6.7.1	24/04/2017	CML	New Build Conveyancing Bank of Ireland (UK) plc panel conveyancer requirements for New Build Conveyancing : Home Warranty Schemes
6.6.4	21/11/2016	CML	Houses in Multipe Occupation Bank of Ireland (UK) plc approved conveyancer requirements where the property comes within the definition of a house in multiple occupation
4.1	18/11/2016	CML	Mortage valuation Do Bank of Ireland (UK) plc arrange for there to be a valuation report and if so, do they provide it to their approved lawyers ?
5.4.6	16/11/2016	CML	Conveyancing Searches: Search Insurance Bank of Ireland (UK) plc panel lawyers clarification as to whether they accept search insurance and, if yes, the Bank of Ireland (UK) plc requirements Local Search Indemnity Insurance
16.3.2	15/11/2016	CML	Transfer of Equity Bank of Ireland (UK) plc details for requesting debt amount
16.3.7a	15/11/2016	CML	Transfer of Equity Contact details at Bank of Ireland (UK) plc for approved lawyers for obtaining execution of transfer equity
16.5.3d	15/11/2016	CML	Option Agreements Contact details at Bank of Ireland (UK) plc for conveyancing panel lawyers to send option agreements .
17.2.1a	15/11/2016	CML	Redemption Payments Where do solicitors and conveyancers send the discharge and repayment remittance in relation to Bank of Ireland (UK) plc mortgages ?

Last update 15/01/2019

Frequently asked questions relating to the Bank of Ireland Conveyancing Panel from members of the public

We are buying a 1 bedroom apartment in Newcastle with a mortgage from Bank of Ireland. We have a lawyer but Bank of Ireland says he's not on their "panel". We have to appoint one of the Bank of Ireland panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?

No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Bank of Ireland conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Ireland

I am buying a new build duplex and my conveyancer is telling me that she has to disclose incentives from the seller as her practice is on the Bank of Ireland conveyancing panel. I am under pressure to sign contracts and I dont want to delay the conveyancing. Is my lawyer right?

You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Bank of Ireland approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Ireland). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

I am purchasing a flat and need a conveyancing solicitor in Birmingham who is on the Bank of Ireland solicitor. Could you point me in the right direction as regards a solicitor?

Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Ireland . We don’t recommend any particular firm.

My solicitors in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Bank of Ireland. Is it case that being on the Bank of Ireland conveyancing panel they need to have retained the file for a number of years?

It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Bank of Ireland Conveyancing Panel Terms. It might be worth you contacting Bank of Ireland directly.

Why might a lender such as Bank of Ireland withdraw a mortgage offer?

Banks and Building Societies such as Bank of Ireland can revoke their mortgage offer although this rarely happens. If Bank of Ireland withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:

Many mortgage offers have an expiry date. Your lawyer should check this. Bank of Ireland may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.

A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware

Where the lender has to take account a recent change in law

Where the lender is on notice of a restriction or a right of pre-emption which is not at market value

Where the Lender’s right to possession is fettered in some way

I currently have a mortgage with with Bank of Ireland. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?

Your original mortgage agreement with Bank of Ireland will provide that you need their approval prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.

It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Bank of Ireland on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Bank of Ireland conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?

As long as the conveyancer is on the Bank of Ireland panel she or he must comply with the CML Handbook requirements for Bank of Ireland. Unless your lawyer obtains specific confirmation in writing that Bank of Ireland will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Bank of Ireland to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.