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Q and A’s regarding the Bradford & Bingley Solicitor Panel
I am in the process of selling my maisonette and the estate agent has just texted me to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that Bradford & Bingley will only work with solicitors on their approved list. Why would a leading lender only deal with specific law firms?
Lenders 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 more than 25 years.
Lenders blame a rise in fraud as the reason 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 conveyancing solicitor has requested from me personal identification documents saying that this is part of his retainer as a solicitor on the Bradford & Bingley Solicitor panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Bradford & Bingley your lawyer also has to check ID documents to satisfy Bradford & Bingley
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Bradford & Bingley conveyancing 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.
I am considering remortgaging my apartment does my lawyer need to be on the Bradford & Bingley Solicitor panel?
In theory, you could use a solicitor that is not on Bradford & Bingley conveyancing panel, but Bradford & Bingley would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
When it comes to mortgage companies such as Bradford & Bingley do lawyers 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 have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bradford & Bingley be concerned
As your lender is Bradford & Bingley your lawyer must to check the Bradford & Bingley conveyancing instructions contained in the Part of CML Handbook for Bradford & Bingley . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Bradford & Bingley where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I plan to obtain a mortgage with Bradford & Bingley. Is there anyway to cut out the solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Bradford & Bingley involved you will need to appoint a solicitor on the Bradford & Bingley conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Bradford & Bingley. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Bradford & Bingley conveyancing panel.
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