National Westminster Bank Conveyancing Panel Information

The CML, along with National Westminster Bank and other lenders developed a standard set of instructions where a conveyancer is acting for a lender such as National Westminster Bank alone in a residential conveyancing transaction. These obligations are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel solicitor.

The answer to this question really depends on the reason that your firm has been removed off the National Westminster 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 COLP 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 National Westminster Bank conveyancing panel.

National Westminster Bank approved solicitors 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 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

CQS accreditation 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 approved list of conveyancing solicitors. A number of mortgage companies now use the scheme as the starting point for Panel approval as is the case with Astra Mortgages.

You should communicate with National Westminster Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an individual section for lenders to cite who to contact to obtain standard documents. National Westminster Bank in their Part 2’s state: It is likely that you will need to disclose your National Westminster Bank solicitors panel reference.