Looking for information about your firm's panel status?
Cumberland Building Society Solicitor Panel Assistance:
For residential mortgages (including Buy to Let and Holiday Let) the conveyancing panel is administered by Lender Exchange and the Customer Service Department, Redemptions. For Commercial Mortgages the conveyancing panel is administered by the Commercial Lending Team.
You must also comply with the terms and conditions of your Cumberland Building Society solicitor panel appointment.
Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Cumberland Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check the Cumberland Building Society Specific Requirements of BSA 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.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Cumberland Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.
Find a Lawyer on the Cumberland Building Society Arroved Conveyancers Panel
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2024 | [no data] |
2023 | [no data] |
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2019 | [no data] |
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