National Westminster Bank Conveyancing Panel Information

The criteria to join the National Westminster Bank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The CML Part II requirements of National Westminster Bank 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 National Westminster Bank’s interest. To be absolutely sure of National Westminster Bank requirements in this regard please check the Terms and Conditions of National Westminster Bank’s conveyancing panel membership.

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

National Westminster Bank approved panel lawyers have to comply with 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 National Westminster Bank require, the deed of covenant on their behalf. You will need to check National Westminster Bank CML Part 2 conditions to see if National Westminster 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 National Westminster Bank conveyancing panel

The Law Society’s CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to join their panels. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel membership such as HSBC.

You should get in touch with National Westminster Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific section for banks to reveal who to contact to obtain standard documents. National Westminster Bank in their Part 2’s state: Don’t forget to quote your National Westminster Bank conveyancing panel number.