Holmesdale Building Society Conveyancing Panel Information

Holmesdale Building Society make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Holmesdale Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

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. Is this covered within your Terms of Engagement or Report on Title?

One search supplier lists over 72 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searches UK.

Criteria differ from lender to lender. We do not hold specific requirements relating to the questions raised as part of the application to be on the Holmesdale Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

SRA or equivalent regulator registration number where applicable

Summary of annual accounts

Full disciplinary history for each licensed conveyancer

Full disciplinary history for each conveyancing solicitor

List of all solicitors within firm

Structure of firm and, where applicable, its group

List of all those staff who work within the conveyancing team

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

In order to be on the Holmesdale Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Holmesdale Building Society) are as follows:

• To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

Holmesdale Building Society approved panel lawyers 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 Holmesdale Building Society require, the deed of covenant on their behalf. You will need to check Holmesdale Building Society CML Part 2 conditions to see if Holmesdale 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 Holmesdale Building Society conveyancing panel

In this situation please clarify on the application what steps you have taken to find out the reasons behind cancellation of your Holmesdale Building Society panel status. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should contact Holmesdale Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express question for lenders to cite who to contact to obtain standard documents. Holmesdale Building Society in their Part 2’s state: It helps to quote the firm’s Holmesdale Building Society conveyancing panel reference.