NRAM Ltd Conveyancing Panel Information

Lexsure only know of a couple of lenders that operate a separate conveyancing panel where the mortgage advance is over a certain level. You should nevertheless check directly with NRAM Ltd. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with NRAM Ltd

In the same way that there is a unique NRAM Ltd conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

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

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the NRAM Ltd conveyancing panel to see if you are entitled to a reason.

The Law Society’s CQS membership gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some Lenders now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance as is the case with Astra Mortgages.

You need to communicate with NRAM Ltd to obtain standard documents. The CML Handbook incorporates an express question for banks to reveal who to contact to obtain standard documents. NRAM Ltd in their Part 2’s state: Please remember to quote your NRAM Ltd solicitors panel reference.