NRAM Ltd Conveyancing Panel Information

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:

• 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.
• 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.
• 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.
• 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
• 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

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.

Given that your firm in is on the NRAM Ltd conveyancing panel and you are instructed by 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.

CQS accreditation is 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 approved list of conveyancing solicitors. Some mortgage companies now use the scheme as the starting point for Panel approval such as HSBC.

You should get in touch with NRAM Ltd to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to reveal who to contact to obtain standard documents. NRAM Ltd in their Part 2’s state: Please remember to disclose your NRAM Ltd solicitors panel number.