Skipton Building Society Conveyancing Panel Information

As is the case with the Law Society the Council of Licensed Conveyancers has entered discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Skipton Building Society since 2008 which is when lenders started being more restrictive.

You might expect Skipton Building Society via their Part 2 obligations to address this but the Handbook is silent on time frames. Do look at the Terms of Skipton Building Society’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms include a clause along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep Skipton Building Society updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Skipton Building Society approved panel lawyers have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Skipton Building Society require, the deed of covenant on their behalf. You will need to check Skipton Building Society CML Part 2 conditions to see if Skipton Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Skipton Building Society conveyancing panel

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 conveyancing solicitors. Some Lenders now use CQS as the starting point for Panel membership as is the case with Santander.

You should communicate with Skipton Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual inquiry for lenders to reveal who to contact to obtain standard documents. Skipton Building Society in their Part 2’s state: It is likely that you will need to disclose your Skipton Building Society solicitors panel number.