State Bank of India UK Conveyancing Panel Information

The Scottish Law Society has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the State Bank of India UK conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com

The Council of Mortgage Lender requirements of State Bank of India UK are silent on this. Most mortgage companies deal with the issue of file retention via their Terms and Conditions 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 State Bank of India UK’s interest. To be absolutely sure of State Bank of India UK requirements in this regard please check the Terms and Conditions of State Bank of India UK’s conveyancing panel appointment.

During 2013, 2 sections of the UK Finance Lenders’ Handbook P2 were changed by State Bank of India UK. Some changes are more important than others but as a firm on the State Bank of India UK 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.

CQS membership gives 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 panels. A number of mortgage companies now use the Conveyancing Quality Scheme accreditation as the starting point for Panel acceptance as is the case with HSBC.

You should contact State Bank of India UK to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit question for banks to cite who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: Always remember to disclose the firm’s State Bank of India UK solicitors panel number.