Hanley Economic Building Society Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. It is a unique risk mitigation tool.

This software assists the way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Hanley Economic Building Society’s changes. Even though using the tool is not a condition for acceptance on the Hanley Economic Building Society panel, demonstrating you can stay up to date with Hanley Economic Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your panel status.

The software generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Hanley Economic Building Society

Banks and building societies often vary their requirements. The BSA instructions from Hanley Economic Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2010, Hanley Economic Building Society has made 50 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 54.6 days. In total, 17% of the sections of the BSA Requirements for Hanley Economic Building Society have been changed since 26/1/2010.

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Recent Changes Include

# Date Assoc. Changes Related To
A.10 06/11/2019 BSA
C.2 06/11/2019 BSA
C.19 06/11/2019 BSA
D.24 06/11/2019 BSA
D.26 06/11/2019 BSA
A.12 06/11/2019 BSA
D.11 06/11/2019 BSA
B.3 06/11/2019 BSA
C.12 12/10/2018 BSA
D.34 27/05/2015 BSA

Last update 07/11/2019

Frequently asked questions relating to the Hanley Economic Building Society Solicitor Panel from members of the public

My husband and I are FTBs. Within the 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Hanley Economic Building Society have this morning contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.

In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Hanley Economic Building Society and see if they can apply for membership of the Hanley Economic Building Society conveyancing panel, but if that is not viable Hanley Economic Building Society will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Hanley Economic Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.

can you help? My conveyancer is informing me me that he has to order a Local Authority search as the firm are on the Hanley Economic Building Society conveyancing panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Hanley Economic Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Hanley Economic Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Hanley Economic Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do I need to visit the offices of the Hanley Economic Building Society conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bristol so that I can attend their offices if necessary.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol .
I am buying a new build flat and getting a mortgage with Hanley Economic Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Hanley Economic Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Hanley Economic Building Society conveyancing panel in your location.
We have a mortgage agreed in principle with Hanley Economic Building Society. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Hanley Economic Building Society?
There is no definitive answer here. Have Hanley Economic Building Society conducted the survey? Have you advised Hanley Economic Building Society as your lawyers details and checked that your lawyer is on the Hanley Economic Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Is it common for Hanley Economic Building Society to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Hanley Economic Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Hanley Economic Building Society 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 few examples:
  • Hanley Economic Building Society may amend or withdraw an offer if the Hanley Economic Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
  • Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
  • Where to proceed with the Mortgage offer would be unlawful
  • Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
  • Where the Lender’s right to possession is fettered in some way
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Hanley Economic Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Hanley Economic Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Hanley Economic Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.