Saffron Building Society Conveyancing Panel Information

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The Council of Mortgage Lender requirements of Saffron Building Society are silent on this. Most lenders address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Saffron Building Society’s interest. To be absolutely sure of Saffron Building Society requirements in this regard please check the Terms and Conditions of Saffron Building Society’s conveyancing panel membership.

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 Saffron Building Society conveyancing panel to see if you are entitled to a reason.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Saffron Building Society immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Saffron Building Society’s mortgage offer are correct. If they are not, please let Saffron Building Society know as soon as possible as it will be necessary for Saffron Building Society to check with the valuer whether the valuation needs to be revised. Saffron Building Society conveyancing panel solicitors are not expected to assume the role of valuer. Saffron Building Society are simply trying to ensure that the valuer has valued the property based on correct information. (c) Saffron Building Society recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Saffron Building Society recommend that, if we send a copy of a valuation report that Saffron Building Society have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Saffron Building Society or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Saffron Building Society conveyancing panel

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 would be advised to communicate with Saffron Building Society to obtain standard documents. The CML Handbook contains an individual section for banks to establish who to contact to obtain standard documents. Saffron Building Society in their Part 2’s state: Always remember to disclose your Saffron Building Society conveyancing panel number.