NRAM Ltd Conveyancing Panel Information

The Council of Mortgage Lenders, along with NRAM Ltd and other lenders created a standard set of requirements where a solicitor is acting for a lender such as NRAM Ltd alone in a residential conveyancing transaction. These obligations are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

In order to be on the NRAM Ltd conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily NRAM Ltd) are as follows:

• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.

On the basis that your practice in is on the NRAM Ltd conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If NRAM Ltd are to lend, they may require indemnity insurance. In any event,you will need to check NRAM Ltd’s specific requirements. Notwithstanding whether NRAM Ltd will lend in such circumstances you still need to advise the borrower (unless you are acting for NRAM Ltd alone) as to the risks of buying a property with an insolvent or absentee freeholder.

With lenders and conveyancers working so closely with one another 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 NRAM Ltd conveyancing panel but for all lender panel listings

CQS membership 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 remain on their panels. Some mortgage companies now use the scheme as the starting point for Panel approval as is the case with Astra Mortgages.

You need to communicate with NRAM Ltd to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates a specific section for lenders to enumerate who to contact to obtain standard documents. NRAM Ltd in their Part 2’s state: Don’t forget to disclose your NRAM Ltd conveyancing panel number.