State Bank of India UK Solicitor Panel Recently Asked Questions
from members of the public
I would like to know the reason why all UK lawyers aren't included on the State Bank of India UK Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
I am purchasing a newly constructed apartment and my conveyancer is advising me that she has to reveal incentives from the developer as her firm is on the State Bank of India UK conveyancing panel. I am on a tight deadline to exchange contracts and I have no desire to delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the State Bank of India UK panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the State Bank of India UK approved panel is to comply with the CML Handbook requirements (last updated for this lender on State Bank of India UK). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I see that you have a search directory identifying solicitors on the State Bank of India UK conveyancing panel. Do firms pay you a referral fee if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the State Bank of India UK conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my solicitor is suspended from the State Bank of India UK Conveyancing panel in advance of the completion date?
First, this is a very rare occurrence. 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.
When it comes to lenders such as State Bank of India UK do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We expect to receive a DIP from State Bank of India UK this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the State Bank of India UK recommend a solicitor on the State Bank of India UK conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the State Bank of India UK conveyancing panel. The solicitor represents both you and the State Bank of India UK through the process.
Completion of my remortgage has taken place with a mortgage from State Bank of India UK. Conveyancing was satisfactory but I feel I should register my dissatisfaction about State Bank of India UK. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the State Bank of India UK branches or the Customer Services Team at State Bank of India UK head office. In most cases complaints to State Bank of India UK are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.