Saffron Building Society Conveyancing Panel Compliance

Saffron 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 such as AmTrust. COMPLETIONmonitor is a unique risk mitigation tool.

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with automatic updates on Saffron Building Society’s changes. Notwithstanding that using the tool is not a prerequisite for Saffron Building Society , demonstrating you can remain up to date with Saffron Building Society’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, safeguard your panel standing.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. It is also user friendly, cost-effective and, for some firms, leads to a PII saving.

Find a Law Firm approved by Saffron Building Society

Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Saffron 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, Saffron Building Society has made 139 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 19.6 days. In total, 58% of the sections of P2 of the UK Finance Lenders’ Handbook for Saffron Building Society have been changed since 15/12/2008.

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Recent Changes Include

#	Date	Assoc.	Changes Related To
10.10	01/12/2014	CML	holding the mortgage advance
16.4.2	01/12/2014	CML	Tenancy Agreements Does Saffron Building Society need to be sent a copy of the proposed tenancy?
5.8.5	01/12/2014	CML	Leasehold Conveyancing : Freehold Reversion Saffron Building Society panel lawyers clarification as to whether they accept security which comprises one of two leasehold flats in a building where the borrower also owns the freehold reversion of the other flat and the other leaseholder owns the freehold reversion in the borrower's flat? If so, are there any specific requirements??
10.2a	30/06/2014	CML	Mortgage Advance and Certificate of Title Do Saffron Building Society send the mortgage advance electronically or by cheque?
16.5.2	30/06/2014	CML	Deed of Variation Contact details at Saffron Building Society for conveyancing panel lawyers for confirming proposed deed of variation or agreement will not adversely affect Saffron Building Society
5.14.10	30/06/2014	CML	Leasehold Conveyancing Saffron Building Society panel lawyers leasehold conveyancing requirements : contact for service charge matters
5.14.9	30/06/2014	CML	Leasehold Conveyancing Contact details at Saffron Building Society for conveyancing panel lawyers for matters relating to the lease.
5.19.1	30/06/2014	CML	Shared Ownership and Shared Equity Contact details at Saffron Building Society for approved lawyers for lending on affordable housing, shared equity and shared ownership and where relevant Saffron Building Society requirements.
6.14.1a	30/06/2014	CML	contact point if property is not insured in accordance with lender requirement
6.2.1	30/06/2014	CML	Property Description Contact details at Saffron Building Society for approved lawyers to used where there are any discrepancies in property's description.

Last update 16/07/2019

Saffron Building Society Conveyancing Panel Sample Enquires to our Call Center from members of the public

I was advised recently by my mortgage adviser that my property lawyer is not on the Saffron Building Society Solicitor panel. How can I check?

The best course of action for you to take is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Saffron Building Society solicitor panel.

We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Saffron Building Society will not agree to this. Why was Saffron Building Society even consulted?

Your lawyer being on the Saffron Building Society conveyancing panel is duty bound to inform Saffron Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Saffron Building Society then they would have to discontinue acting for you and Saffron Building Society.

Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Saffron Building Society solicitor panel?

No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.

Please explain the implications if my solicitor is expelled from the Saffron Building Society Conveyancing panel before the completion date?

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.

Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Saffron Building Society conveyancing panel?

A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.

What are the common reasons for a lender such as Saffron Building Society to withdraw a mortgage offer?

Banks and Building Societies such as Saffron Building Society can withdraw their mortgage offer although this rarely happens. If Saffron Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a number of examples:

If the borrower informs Saffron Building Society of a change in security address

A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware

Following advice from the valuer 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 sale is not at arms length for value to unconnected persons

Where the lender is on notice of a restriction or a right of pre-emption which is not at market value

My ex -wife’s name is on the Saffron Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Saffron Building Society mortgage in order to sell?

In terms of the Saffron Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Saffron Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.