Barclays plc Conveyancing Panel Information

Lexsure has not been advised of any intention on the part of the CML to develop such a register.

The criteria to join the Barclays plc conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

You will be aware of the trend in recent years for lenders such as Barclays plc to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Barclays plc panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Barclays plc have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Barclays plc’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Barclays plc. You will no doubt be required to undertake directly to Barclays plc’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Barclays plc conveyancing panel.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Barclays plc immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Barclays plc’s mortgage offer are correct. If they are not, please let Barclays plc know as soon as possible as it will be necessary for Barclays plc to check with the valuer whether the valuation needs to be revised. Barclays plc conveyancing panel solicitors are not expected to assume the role of valuer. Barclays plc are simply trying to ensure that the valuer has valued the property based on correct information. (III) Barclays plc recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Barclays plc recommend that, if we send a copy of a valuation report that Barclays plc have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Barclays plc or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Barclays plc conveyancing panel

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. A number of Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel approval such as HSBC.

You would be advised to get in touch with Barclays plc to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific section for lenders to set out who to contact to obtain standard documents. Barclays plc in their Part 2’s state: You will need to quote the firm’s Barclays plc conveyancing panel number.