Ulster Bank Conveyancing Panel Information

Many estate agents are feeling the pain if their clients start out on the buying process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

Ulster Bank 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 Ulster Bank require, the deed of covenant on their behalf. You will need to check Ulster Bank CML Part 2 conditions to see if Ulster Bank 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 Ulster Bank conveyancing panel

11 borrowers search for a property lawyer on the Ulster Bank panel each month in Hendon. Please contact the team at lenderpanel.com to see how your firm can be identified by those searching for conveyancing in Hendon.

The best placed professionals to answer this question are your insurance brokers. 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 Ulster Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Ulster Bank to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express section for lenders to cite who to contact to obtain standard documents. Ulster Bank in their Part 2’s state: You will need to quote your Ulster Bank conveyancing panel number.