Bank of Ireland Conveyancing Panel Information

The Council of Mortgage Lenders (or the BSA) do not involve themselves in training although they do host numerous general conveyancing related conferences which are attended by firms on the Bank of Ireland conveyancing panel. It is our intention to run specific lender focused seminars in the coming months including a webinar on Bank of Ireland’s Part 2 requirements. Practitioners on the Bank of Ireland conveyancing panel will be invited. Information about the webinar will be communicated as part of the LENDERmonitor Alerts.

Bank of Ireland make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Bank of Ireland are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 65 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Bank of Ireland conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full complaints history for each licensed conveyancer

Details of any accreditation e.g. Lexcel or

Whether any lender has ever made a claim against the firm’s PII cover

Whether the firm has ever applied for accreditation and the outcome of the application

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Full disciplinary history for each licensed conveyancer

List of all those who fund the firm, including non-lawyers if applicable

List of all those who can sign off the Certificate Of Title

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

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

• Buy to Let transactions
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Evidence of undertaking logs
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Average time frame to register charges at the Land Registry

In this situation please explain on the form what action you have taken to discover the reasons behind cancellation of your Bank of Ireland panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You should communicate with Bank of Ireland to obtain standard documents. The CML Handbook contains an explicit question for banks to set out who to contact to obtain standard documents. Bank of Ireland in their Part 2’s state: You will need to disclose your Bank of Ireland solicitors panel number.