Ecology Building Society Conveyancing Panel Information

Ecology Building Society’s answer to this question can be found at section 6.4.4 of their CML Part 2 requirements

This not something that the CML would traditionally get involved with however they do arrange numerous useful legal related conferences which are attended by firms on the Ecology Building Society conveyancing panel. It is our intention to run specific lender focused seminars in the coming months including a webinar on Ecology Building Society’s Part 2 requirements. Practitioners on the Ecology Building Society conveyancing panel are welcome. Information about the webinar will be made available as part of the LENDERmonitor P2 change Notifications.

The fact of the matter is that estate agents will be feeling the pain 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.

Ecology Building Society approved solicitors are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Ecology Building Society require, the deed of covenant on their behalf. You will need to check Ecology Building Society CML Part 2 conditions to see if Ecology Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Ecology Building Society conveyancing panel

In the circumstances please clarify on the form what action you have taken to discover the reasons behind cancellation of your Ecology Building Society panel status. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You need to communicate with Ecology Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an individual section for lenders to cite who to contact to obtain standard documents. Ecology Building Society in their Part 2’s state: You will need to quote the firm’s Ecology Building Society solicitors panel number.