Ulster Bank Conveyancing Panel Information

The UK Finance Part II requirements of Ulster Bank are silent on this. Most mortgage companies deal with the issue 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.

Each lender has different criteria. 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):

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

List of fee-earners who are foreign qualified

Full disciplinary history for each conveyancing solicitor

The percentage of the firm’s business which is conveyancing (broken down into sale

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

Number of lender conveyancing panels the firm is currently on

conveyancer client account(s) details

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

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

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.

As is the case with the Law Society the CLC has initiated dialogue with banks 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 Ulster Bank as well as the CML.

We can't comment specifically on Ulster Bank. Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the borrower and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if she is in dispute with the lender he is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

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 should get in touch with Ulster Bank to obtain standard documents. The CML Handbook contains an individual section for banks to cite who to contact to obtain standard documents. Ulster Bank in their Part 2’s state: It helps to quote the firm’s Ulster Bank solicitors panel number.