Nationwide Building Society Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This system facilitates the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with notifications given on Nationwide Building Society’s changes. Notwithstanding that using this technology is not a condition for acceptance on the Nationwide Building Society panel, demonstrating you can stay up to date with Nationwide Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your firm’s panel standing.

The software generates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, results in a PII saving.

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Lenders frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Nationwide 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 2008, Nationwide Building Society has made 276 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 9.9 days. In total, 41% of the sections of P2 of the UK Finance Lenders’ Handbook for Nationwide Building Society have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
5.14.1 10/06/2019 CML
5.14.9 10/06/2019 CML
5.15.2a 01/05/2019 CML
1.14 09/04/2019 CML
1.15 09/04/2019 CML
6.7.1 03/08/2018 CML
5.19.1 18/06/2018 CML
6.12.1 18/06/2018 CML
6.12.1 05/03/2018 CML
5.4.5 05/03/2018 CML Local Search Indemnity Insurance

Last update 09/09/2019

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

The conveyancer my fiance and I had intended to instruct on a remortgage said she would charge more if my mortgage is with Nationwide Building Society due to their difficult processes! Am I likely to be frustrated using Nationwide BS? Any comments will be appreciated
Nationwide BS conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Nationwide Building Society conveyancing panel. If they are not, this does add further risk of delay as Nationwide BS will appoint their own solicitors to look after their interest.
My partner and I intend to remortgage our penthouse with Nationwide Building Society. We have a son 18 who lives with us. The solicitor on the Nationwide BS conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nationwide Building Society conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide Building Society .This is solely used to protect the Nationwide BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.

It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

Do I need to attend the offices of the Nationwide BS conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Leeds so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for Nationwide Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am selling my house. Does my solicitor have to be on the Nationwide BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Nationwide 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.
I previously instructed online solicitors based in Bristol who are on the Nationwide BS solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the Nationwide Building Society mortgage. Is this a supplemental conveyancing fee specified by Nationwide BS?
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 Nationwide Building Society but by your lawyers. Some firms on the Nationwide BS will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I'm spending time viewing flats and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Nationwide Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Nationwide BS , make sure you remember to check that your lawyer is on the Nationwide BS conveyancing panel.
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 Nationwide Building Society on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Nationwide BS conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Nationwide Building Society panel she or he must comply with the CML Handbook requirements for Nationwide BS. Unless your lawyer obtains specific confirmation in writing that Nationwide BS 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 Nationwide Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.