FAQs for the NRAM Ltd Solicitor Panel from members of the public
I am in the process of selling my house and the estate agent has just e-mailed to advise that the purchasers are swapping law firm. I am told that this is due to the fact that NRAM Ltd will only work with solicitors on their conveyancing panel. On what basis would a leading lender only deal with specific law firms?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am buying a new build apartment and my conveyancer is telling me that she has to disclose incentives from the seller as her firm is on the NRAM Ltd conveyancing panel. I am nearing the developer’s deadline to sign contracts and I would rather not prolong deal. Can I insist on an exchange regardless of what my lawyer says about being on the NRAM Ltd panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the NRAM Ltd approved panel is to comply with the CML Handbook requirements (last updated for this lender on NRAM Ltd). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I have to pop into the offices of the NRAM Ltd conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Leeds
so that I can attend their offices if required.
Most conveyancing panel lawyers for NRAM Ltd 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.
Can you clarify what the consequences are if my solicitor is suspended from the NRAM Ltd Solicitor panel prior to completion?
The first thing to point out is that, 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.
Are all Conveyancing Quality Solicitors on the NRAM Ltd conveyancing panel?
Some major lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
How can we tell if a solicitor on the NRAM Ltd panel is any good?
obtaining recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your transaction
Can I register a complaint to NRAM Ltd about the lawyers being on the NRAM Ltd conveyancing panel?
Complaining to NRAM Ltd about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.