Saffron Building Society Conveyancing Panel Information

The criteria to join the Saffron Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

We only know of two or three lenders that operate a distinct conveyancing panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Saffron Building Society. 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 Saffron Building Society

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Saffron Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Saffron Building Society we suggest that you call Saffron Building Society to check the position.

During 2013, 30 sections of the UK Finance Lenders’ Handbook P2 were changed by Saffron Building Society. Some changes are more important than others but as a firm on the Saffron Building Society 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.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Saffron Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to communicate with Saffron Building Society to obtain standard documents. The CML Handbook contains an individual question for lenders to cite who to contact to obtain standard documents. Saffron Building Society in their Part 2’s state: You will need to disclose the firm’s Saffron Building Society conveyancing panel number.