Holmesdale Building Society 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 is the only way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Holmesdale Building Society’s changes. While using this technology is not a condition for being on the Holmesdale Building Society panel, demonstrating you can remain up to date with Holmesdale Building Society’s Handbook requirements is an excellent support to your panel application and, more importantly, protect your panel standing.

The software generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. It is also simply to use, cost-effective and, for some firms, results in reduced PII premiums.

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Lenders frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Holmesdale Building Society 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, Holmesdale Building Society has made 31 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 88.1 days. In total, 14% of the sections of P2 of the UK Finance Lenders’ Handbook for Holmesdale Building Society have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Q and A’s regarding the Holmesdale Building Society Conveyancing Panel from members of the public

I have been advised by my broker that I have to pay Holmesdale Building Society fees if I use my own solicitor. How efficient are the Holmesdale Building Society conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and not exorbitantly priced. Are there any Holmesdale Building Society conveyancers you'd recommend?
Holmesdale Building Society’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Holmesdale Building Society will allow to act for them.
I do hope you can help me. My solicitor is informing me me that he is legally obliged to conduct a Local Authority search stemming from the fact that the firm are on the Holmesdale Building Society solicitor panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with Holmesdale 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 Holmesdale Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Holmesdale Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How up to date is your database of lawyers on the Holmesdale Building Society conveyancing panel? Do Holmesdale Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Holmesdale Building Society conveyancing panel as opposed to being supplied with a list from Holmesdale Building Society directly.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Holmesdale Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Holmesdale Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all solicitors on the Holmesdale Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Holmesdale Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I had instructed online conveyancers based in Cardiff who are on the Holmesdale Building Society solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Holmesdale Building Society mortgage. Is this a supplemental conveyancing fee specified by Holmesdale Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Holmesdale Building Society but by your lawyers. Some firms on the Holmesdale Building Society will charge an ‘acting for lender’ fee and others do not.
My existing mortgage is with Holmesdale Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After Holmesdale Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Holmesdale Building Society conveyancing panel? I do not intend to live at the property once the Holmesdale Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Holmesdale Building Society panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.