Bank of Ireland Mortgages Conveyancing Panel Information

The CML Part II requirements of Bank of Ireland Mortgages are silent on this. Most lenders deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Bank of Ireland Mortgages’s interest. To be absolutely sure of Bank of Ireland Mortgages requirements in this regard please check the Terms and Conditions of Bank of Ireland Mortgages’s conveyancing panel appointment.

As is the case with the Law Society the CLC has begun discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Bank of Ireland Mortgages since 2008 which is when lenders started being more restrictive.

There are many reports available, five of which are as follows:

• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Current and historic missed priority dates
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Average mortgage advance
• Buy to Let transactions

In order to be on the Bank of Ireland Mortgages conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Bank of Ireland Mortgages) are as follows:

• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Bank of Ireland Mortgages solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should communicate with Bank of Ireland Mortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific question for lenders to establish who to contact to obtain standard documents. Bank of Ireland Mortgages in their Part 2’s state: You will need to quote the firm’s Bank of Ireland Mortgages conveyancing panel number.