Furness Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Furness Building Society and to assist in remaining on the Furness Building Society Conveyancing Panel.

Furness Building Society Conveyancing Panel: Recently Asked Questions

Do Furness Building Society or the CML run training Courses for the Furness Building Society approved solicitor panel in the same way that CQS run CPD Courses for accredited firms?
This not something that the CML would traditionally get involved with however they do host numerous useful legal related conferences which are attended by firms on the Furness Building Society conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Furness Building Society’s Part 2 obligations. Law firms on the Furness Building Society conveyancing panel will be invited. Information about the webinar will be made available as part of the LENDERmonitor P2 change Notifications.

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A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Furness Building Society and other lenders have restricted their panel over the years. Why?
In operating open conveyancing panels, lenders such as Furness 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.

Furness 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.

I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with Part 2 requirements . I am on the Furness Building Society conveyancing panel can you tell me how Part 2 changes took place by Furness Building Society during 2013?
During 2013, 71 sections of the UK Finance Lenders’ Handbook P2 were changed by Furness Building Society. Some changes are more important than others but as a firm on the Furness Building Society conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

The firm that I work for is on the Furness Building Society conveyancing panel. I am dealing with Furness Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Furness Building Society. What do I do in this conflict situation?
When a solicitor is acting for both Furness Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Furness Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Furness Building Society the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Furness Building Society conveyancing panel status.
St Giles’ PII renewal form questions if my firm had been excluded from any lender panels in the last 12 months. I recently found out that the practice is no longer on the Furness Building Society solicitor panel? Is this likely to impact my insurance?
The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Furness Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.
My firm is listed on the Furness Building Society conveyancing panel and scheduled to complete a purchase shortly. My file does not contain a Legal Charge for the client to execute. Who do I contact at Furness Building Society to request substitute deeds?
You should contact Furness Building Society to obtain standard documents. The CML Handbook includes a specific section for banks to set out who to contact to obtain standard documents. Furness Building Society in their Part 2’s state:
You will need to quote the firm’s Furness Building Society conveyancing panel number.

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Average number of days to register title including a charge in favour of Furness Building Society
This information relates to purchase only and not remortgages.
YearDays*
2025 [no data]
2024 [no data]
2023 [no data]
2022 [no data]
2021 [no data]
2020 [no data]
* Data aggregated from sources including COMPLETIONmonitor