Metro Bank Conveyancing Panel Information

We only know of two or three banks that operate a separate 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

As is the case with the Law Society the Council of Licensed Conveyancers has begun discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Metro Bank as well as the BSA.

Metro Bank 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 Metro Bank require, the deed of covenant on their behalf. You will need to check Metro Bank CML Part 2 conditions to see if Metro Bank 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 Metro Bank conveyancing panel

The Law Society’s CQS membership gives 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 panels. Some mortgage companies now use the scheme as the starting point for Panel acceptance as is the case with Astra Mortgages.

You should get in touch with Metro Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an express inquiry for banks to reveal who to contact to obtain standard documents. Metro Bank in their Part 2’s state: Please remember to quote the firm’s Metro Bank conveyancing panel number.