Metro Bank Conveyancing Panel Information

Lexsure only know of a couple of lenders that operate a distinct conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Metro 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 Metro Bank

What you should do largely depends on the reason that your firm has been removed off the Metro Bank conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the compliance officer you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the Metro Bank conveyancing panel.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Metro Bank conveyancing panel to see if you are entitled to a reason.

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some mortgage companies now use the scheme as the starting point for Panel approval such as Astra Mortgages.

You need to contact Metro Bank to obtain standard documents. The CML Handbook includes a specific section for lenders to establish who to contact to obtain standard documents. Metro Bank in their Part 2’s state: You will need to quote your Metro Bank solicitors panel reference.