Vernon BS Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Vernon BS and to assist in remaining on the Vernon BS Conveyancing Panel Building Society.

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Vernon BS Solicitor Panel Information:

What are the Vernon BS conveyancing panel criteria?

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 Vernon BS Conveyancing panel solicitors exposed to the possibility of the society altering or retracting the loan offer?

Vernon BS ‘s answer to this question can be found at section B.3 of their BSA specific requirements which states:

We may amend or withdraw the offer in any of the following circumstances:

(i) the term of the mortgage offer has expired;

(ii) a change in financial circumstances or other material circumstances of the borrower;

(iii) a change in the LTV of the proposed mortgage;

(iv) any incentive which has not been properly disclosed;

(v) if any other information provided which enables us to make our lending decision is incorrect or misleading or, if information which should have been disclosed, was not;

(vi) if any of the special conditions of the mortgage cannot be met;

(vii) where any of the above applies to any proposed guarantor.

Refer to Mortgage Department (see A3) if any of the above applies.

I am on the Vernon BS conveyancing panel. Can I get an archived copy of Vernon BS Specific Requirements from the BSA?

The BSA, as is the case with the CML do not retain historic of Specific Requirements. The BSA recommend you make a request of Vernon BS directly.

Is it probable that Vernon BS will appoint another solicitor on the Vernon BS conveyancing panel for a further advance during the lifetime of a mortgage ?

The BSA Mortgage Instructions applicable to a solicitor on the Vernon BS conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Vernon BS conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction must be adhered to .

Are the BSA planning on creating a searchable register to list law firms on the Vernon BS conveyancing panel ?

We have not been informed any plans on the part of the BSA to promote such a search facility .

Given that I am the COLP for my firm should I be thinking about SRA Handbook implications if my firm is withdrawn off the Vernon BS solicitor panel?

The answer to this question really depends on the reason that your firm has been removed off the Vernon BS conveyancing panel. The top 3 reasons are as follows:

lack of transactions
the lawyer is a sole practitioner
as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications, the firms COFA needs to consider whether he or she needs to take any action as result of being removed from the conveyancing panel of Vernon BS.

I have been a sole practitioner for approximately 25 years without a single claim against me and have been refused acceptance on the Vernon BS conveyancing panel with no explanation. Am I not entitled to know why?

Participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. The days of open panels are now long gone. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Vernon BS conveyancing panel to see if you are entitled to a reason.

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

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*
2025	[no data]
2024	[no data]
2023	[no data]
2022	[no data]
2021	[no data]
2020	[no data]

* Data aggregated from sources including COMPLETIONmonitor

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