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Ready to buy a new home? Failing to check that a lawyer is on the State Bank of India UK list of approved solicitors can put your transaction at risk of delay or failure.
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State Bank of India UK Conveyancing Panel : Questions and Answers
My wife and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. State Bank of India UK have this afternoon contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact State Bank of India UK and see if they can apply for membership of the State Bank of India UK conveyancing panel, but if that is not viable State Bank of India UK will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the State Bank of India UK conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our conveyancer has informed me that he requires personal identification documents saying that this is part of his retainer as a solicitor on the State Bank of India UK Conveyancing panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with State Bank of India UK your lawyer also has to check ID documents to satisfy State Bank of India UK
Are there any apps to help find a local solicitor on the State Bank of India UK conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the solicitor.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the State Bank of India UK solicitor panel.
I was expecting to complete on my first house two days ago. My solicitor is on the State Bank of India UK conveyancing panel but has changed address in the past couple of months and had not informed State Bank of India UK of their new address. State Bank of India UK is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local State Bank of India UK branch or your mortgage broker to see if they can assist.
Can you point me to a directory of State Bank of India UK panel conveyancers on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We were going to get a DIP from State Bank of India UK this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the State Bank of India UK recommend a solicitor on the State Bank of India UK conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the State Bank of India UK conveyancing panel. The solicitor represents both you and the State Bank of India UK through the process.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, State Bank of India UK are being difficult. The solicitor who is on the State Bank of India UK conveyancing panel is saying indemnity insurance will be fine but State Bank of India UK are requiring a building regulation certificate. Why do State Bank of India UK have a conveyancing panel of they don’t accept advice from them?
It is probably the case that State Bank of India UK have referred the matter to their valuer. The reason why State Bank of India UK may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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