State Bank of India UK Conveyancing Panel Information

State Bank of India UK make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as State Bank of India UK are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the borrower.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

A leading search provider lists over 65 property searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location call your search provider or call one of the leading search companies such as STL.

You might expect State Bank of India UK via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. Do look at the Terms of State Bank of India UK’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms have a clause such as: ‘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 State Bank of India UK informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

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.

The Law Society’s 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. Some Lenders now use the scheme as the starting point for Panel acceptance as is the case with HSBC.

You should communicate with State Bank of India UK to obtain standard documents. The CML Handbook incorporates a specific section for lenders to reveal who to contact to obtain standard documents. State Bank of India UK in their Part 2’s state: Please remember to quote your State Bank of India UK conveyancing panel reference.