Nedbank Conveyancing Panel Information

The requirements to join the Nedbank conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Nedbank conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Number of partners per branch of the firm

Full disciplinary history for each conveyancing solicitor

Full complaints history for each licensed conveyancer

Whether any lender has ever made a claim against the firm’s PII cover

List of all solicitors within firm

Full complaints history for each conveyancing solicitor

List of fee-earners who are foreign qualified

Number of lender conveyancing panels the firm is currently on

Charge registration history

The CLC has entered dialogue 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. It is likely that that the CLC have been in touch with lenders such as Nedbank as well as the BSA.

During 2013, 106 sections of the UK Finance Lenders’ Handbook P2 were changed by Nedbank. Some changes are more important than others but as a firm on the Nedbank conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

In the circumstances please clarify on the application what steps you have taken to find out the reasons behind cancellation of your Nedbank panel membership. In particular please provide details if you have received communications from the lender. E.G. before termination of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You need to communicate with Nedbank to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific section for lenders to enumerate who to contact to obtain standard documents. Nedbank in their Part 2’s state: It helps to quote the firm’s Nedbank solicitors panel reference.