State Bank of India UK Conveyancing Panel : Questions and Answers
from members of the public
I am selling my apartment and the EA has just telephoned to warn that the purchasers are switching conveyancer. I am told that this is due to the fact that State Bank of India UK will only engage with solicitors on their conveyancing panel. On what basis would a major lender only work with certain solicitors?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise 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 hearing daily from firms 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.
Our son is purchasing a house that has just been built with a home loan from State Bank of India UK. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the State Bank of India UK conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the State Bank of India UK conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
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 State Bank of India UK solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am buying a semi-detached house and getting a mortgage with State Bank of India UK. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the State Bank of India UK 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 State Bank of India UK conveyancing panel in your location.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the State Bank of India UK conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives 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 join their panels.
We are getting a further advance on our mortgage from State Bank of India UK as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the State Bank of India UK conveyancing panel to deal with the paperwork?
State Bank of India UK do not ordinarily instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the State Bank of India UK list
After much negotiation I have agreed a price on a house. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the State Bank of India UK conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the State Bank of India UK panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
