Goldsmith Williams on Santander’s no risk panel

Published: 31/07/2012

Goldsmith Williams remains a Santander favourite after the high street lender cut its conveyancing panel by several hundred firms last week.

The announcement came after the lender’s quarterly review where it analysed the amount of business generated in the past 12 months from conveyancing firms.

Following this evaluation it removed hundreds of firms which did “not meet the volume requirements”. A spokeswoman for Santander said the cuts were “in line with its risk policy”.

However the decision has, unsurprisingly, not been a popular one especially as many firms “struck off” had paid the lender’s panel membership charge of over £100.

The Law Society has said it will raise its members concerns with the bank.

Meanwhile, The Law Society has confirmed it is in the final stages of agreeing the process of incorporating Conveyancing Quality Scheme (CQS) firms onto HSBC’s mortgage conveyancing panel.

Desmond Hudson is the Chief Executive of The Law Society:

“The Society and HSBC agree it is essential that all systems and customer communications in relation to the new arrangement are correct and that customers and solicitors benefit from great experience from the outset.

“We both want the arrangement to work which is why we are seeking to make the process as trouble free as possible.

“HSBC will be training all front-line staff to ensure they understand the new option.

“Inevitably, there must be some transitional arrangements and the date when CQS members can start acting for the bank will be linked with the customer application date.

“However only new customer applications completed on or after August 29 will be included under the new conveyancing process.

“While existing HSBC mortgage customers from before this date will not benefit from the new arrangements, this is a positive development for future HSBC mortgage customers.”

Goldsmith Williams is an accredited member of The Law Society’s Conveyancing Quality Scheme, having first been awarded the accolade last year.

Content correct at time of publication