M&S Bank Conveyancing Panel Information

We only know of two or three lenders that operate a separate conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with M&S Bank. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with M&S Bank

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the M&S Bank conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all Licensed Conveyancers within firm

List of all those who fund the firm, including non-lawyers if applicable

top-up split and history of any refusals

Full disciplinary history for each conveyancing solicitor

Full complaints history for each conveyancing solicitor

purchase and remortgage)

List of all those who can sign off the Certificate Of Title

Full disciplinary history for each licensed conveyancer

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

Whether the firm is able to operate in other jurisdictions

In operating open conveyancing panels, lenders such as M&S Bank 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.

M&S Bank 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.

In order to be on the M&S Bank 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 M&S Bank) are as follows:

• 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
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• 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.

You should 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 negatively affect your application but gives the Law Society viability as to what has gone on.

You need to get in touch with M&S Bank to obtain standard documents. The CML Handbook has an individual section for lenders to cite who to contact to obtain standard documents. M&S Bank in their Part 2’s state: It helps to disclose the firm’s M&S Bank solicitors panel number.