Ulster Bank Conveyancing Panel Information

The Council of Mortgage Lender requirements of Ulster Bank 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 Ulster Bank’s interest. To be absolutely sure of Ulster Bank requirements in this regard please check the Terms and Conditions of Ulster Bank’s conveyancing panel appointment.

Criteria differ from lender to lender. We do not hold specific requirements relating to the questions raised as part of the application to be on the Ulster Bank conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of fee-earners who are foreign qualified

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Whether any lender has ever made a claim against the firm’s PII cover

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

purchase and remortgage)

Number of lender conveyancing panels the firm is currently on

conveyancer client account(s) details

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of management)

List of all those who can sign off the Certificate Of Title

Full disciplinary history for each conveyancing solicitor

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

Given that your firm in is on the Ulster Bank conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Ulster Bank are to lend, they may require indemnity insurance. In any event,you will need to check Ulster Bank’s specific requirements. Notwithstanding whether Ulster Bank will lend in such circumstances you still need to advise the borrower (unless you are acting for Ulster Bank alone) as to the risks of buying a property with an insolvent or absentee freeholder.

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 Ulster Bank solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to communicate with Ulster Bank to obtain standard documents. The CML Handbook includes a specific inquiry for banks to reveal who to contact to obtain standard documents. Ulster Bank in their Part 2’s state: Don’t forget to quote your Ulster Bank conveyancing panel number.