Cynergy Bank Conveyancing Panel Information

The Law Society of Scotland has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Cynergy Bank conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

The fact of the matter is that estate agents will be suffering if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Cynergy Bank as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Cynergy Bank we suggest that you call Cynergy Bank to check the position.

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your firm’s application but gives the Law Society viability as to what has occured.

You need to get in touch with Cynergy Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for lenders to enumerate who to contact to obtain standard documents. Cynergy Bank in their Part 2’s state: You will need to quote your Cynergy Bank solicitors panel reference.