Q and A’s regarding the Banks and Clients Conveyancing Panel from members of the public
On what basis could a firm of solicitors be removed from the Banks and Clients solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Banks and Clients
I am due to move into my new home next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Banks and Clients. What risks do Banks and Clients expect the insurance to cover?
All property lawyers on the Banks and Clients conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Banks and Clients’s Part 2 requirements of the CML Handbook (last updated on Banks and Clients). Being on the Banks and Clients conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a search directory listing firms on the Banks and Clients conveyancing panel. Do firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Banks and Clients conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my solicitor is suspended from the Banks and Clients Solicitor panel in advance of the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have had an offer accepted on a flat I spoke to a lawyer previously used by my dad and he suggested retaining a solicitor approved by Banks and Clients. The estate agent recommended two local firms so I asked Banks and Clients if the 2 suggested solicitors are approved, which they are not. Banks and Clients pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Banks and Clients 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Banks and Clients for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Banks and Clients conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Banks and Clients conveyancing panel as it may only take about 2-3 weeks. As long as they meet Banks and Clients’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
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 telephoned Banks and Clients on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Banks and Clients 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 Banks and Clients panel she or he must comply with the CML Handbook requirements for Banks and Clients. Unless your lawyer obtains specific confirmation in writing that Banks and Clients 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 Banks and Clients to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Banks and Clients are being pedantic. The solicitor who is on the Banks and Clients conveyancing panel is saying indemnity insurance will be fine but Banks and Clients are requiring a building regulation certificate. Why do Banks and Clients have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Banks and Clients have referred the matter to their valuer. The reason why Banks and Clients may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.