Monmouthshire Building Society Conveyancing Panel Information

The Council of Mortgage Lender requirements of Monmouthshire Building Society are silent on this. Most mortgage companies deal with the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Monmouthshire Building Society’s interest. To be absolutely sure of Monmouthshire Building Society requirements in this regard please check the Terms and Conditions of Monmouthshire Building Society’s conveyancing panel acceptance.

When a solicitor is acting for both Monmouthshire 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 Monmouthshire Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Monmouthshire 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 Monmouthshire Building Society conveyancing panel status.

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

With banks and conveyancing firms working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Monmouthshire Building Society conveyancing panel but for all bank panels

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 Monmouthshire Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Monmouthshire Building Society to obtain standard documents. The CML Handbook includes an express section for banks to establish who to contact to obtain standard documents. Monmouthshire Building Society in their Part 2’s state: Don’t forget to quote the firm’s Monmouthshire Building Society solicitors panel reference.