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Dudley Building Society Conveyancing Panel: Recently Asked Questions
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. Dudley Building Society and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as Dudley Building Society
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
Dudley Building Society and other 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. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
Can you give me an example of some of the reports available via COMPLETIONmonitor to support my appeal to be reinstated on the Dudley Building Society solicitor panel?
There are many reports available, five of which are as follows:
- Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
- Average mortgage advance
- The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
- Average time frame to register charges at the Land Registry
- Analysis as to the nature of clients (e.g.existing/new/seen in person)
My firm is not on the
Dudley Building Society conveyancing panel as well other banks.
My clients, who have applied for a mortgage with Dudley Building Society still want me to act for them regardless of the fact that we are not on the
Dudley Building Society panel. Am I doing anything wrong is suggesting to my client that they use a firm down the road to act for
Dudley Building Society on mortgage aspect of the conveyancing?
You need to be careful here as what you are proposing may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
In carrying out leasehold due diligence do
Dudley Building Society panel solicitors need to consider if there is an insolvent landlord?
On the basis that your practice in is on the
Dudley Building Society conveyancing panel and you are instructed by them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If
Dudley Building Society are to lend, they may require indemnity insurance. In any event,you will need to check
Dudley Building Society’s specific requirements. Notwithstanding whether
Dudley Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for
Dudley Building Society alone) as to the risks of buying a property with an insolvent or absentee freeholder.
We are a 3-partner firm on the Dudley Building Society conveyancing panel. Do you have ideas as to how we can market our firm as specialists in conveyancing in Hendon who can act for the borrower and Dudley Building Society?
6 potential conveyancing clients attempt to locate a conveyancer on the Dudley Building Society panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be found by those searching for conveyancing in Hendon.
Our membership of the
Dudley Building Society conveyancing panel was revoked but was reinstated on appeal, do I need to include these details on my CQS application?
It would be advisable to supply 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 application but gives the Law Society a complete picture of what has occured.
My firm is listed on the
Dudley Building Society
conveyancing panel and due to complete a purchase within the next week. I can not locate a Mortgage Deed for the client to execute.
Who do I contact at Dudley Building Society to request substitute deeds?
You would be advised to get in touch with Dudley Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit inquiry for lenders to enumerate who to contact to obtain standard documents.
Dudley Building Society in their Part 2’s state:
You will need to quote the firm’s Dudley Building Society conveyancing panel number.
Find a Lawyer on the Dudley Building Society Conveyancing Panel
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Average number of days to register title including a charge in favour of Dudley Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Dudley Building Society Firms
- Draft Report on Title precedent for Dudley Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Dudley Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Dudley Building Society lender panel
- Buy-to-Let help for Dudley Building Society
- Consent-to-Let help for Dudley Building Society
- Contractor Mortgages with Dudley Building Society
