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Vernon BS Solicitor Panel Assistance:
What are the Vernon BS conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
Solicitors and licensed conveyancers acting for the Society must have the appropriate professional qualifications, professional indemnity insurance, adequate cover for absence, and properly constituted commercial premises with adequate provision for the secure storage of deeds.
The Society requires the following:
(i) All Solicitor firms must have a minimum of 2 SRA approved managers
(ii) All Licenced Conveyancer firms must have a minimum of 2 Licenced Conveyancers
You must also comply with the terms and conditions of your Vernon BS solicitor panel appointment.
Are there conditions,outside the BSA Mortgage Instructions, that a firm should be aware of when on the Vernon BS conveyancing panel?
In order to be on the Vernon BS conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Vernon BS) are as follows:
- If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
- 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.)
- To forward the title deeds and documents to another solicitor within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with BSA Mortgage Instructions. I am on the Vernon BS conveyancing panel. Can you tell me how many Specific Requirement changes took place by Vernon BS during 2013?
During this period 0 sections of the BSA Mortgage Instructions were changed by Vernon BS. Some changes are more important than others but as a firm on the Vernon BS conveyancing panel you are of course obliged to comply with individual lender requirements. Locktons have recently pointed out in an article that non-compliance with lender 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: BSA requirements are not guidelines; they are the lender client’s instructions.
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on numerous bank panels including the Vernon BS conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Do I disclose these these Conditions?
The key here is the caveat ‘more onerous’.
You have to try and take an objective view as to whether the Terms relating to the Vernon BS conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.
Are figures published regarding the Vernon BS conveyancing panel size as well as the number of conveyancing firms removed from their panel each year?
With banks and conveyancing firms working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Vernon BS conveyancing panel but for all lender panel listings
We had our Vernon BS panel membership suspended but we have not yet been given an explanation yet . I am completing a CQS renewal questionnaire what details should I put forward?
In this situation please clarify on the application what steps you have taken to discover the reasons behind cancellation of your Vernon BS panel membership . In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender putting you on notice?
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Vernon BS Conveyancing Panel Building Society
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Average number of days to register title including a charge in favour of Vernon BS
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Vernon BS Firms
- Draft Report on Title precedent for Vernon BS borrowers
- Draft Anti Money Laundering PolicyTemplate for Vernon BS panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Vernon BS lender panel
- Buy-to-Let help for Vernon BS
- Consent-to-Let help for Vernon BS
- Contractor Mortgages with Vernon BS
