1000 firms at risk of Santander panel removal
Up to 1,000 firms have just 59 days left to obtain the Law Society’s Conveyancing Quality Scheme accreditation mark, or risk being removed from Santander’s conveyancing panel.
In September last year, the bank changed the terms of its residential conveyancing panel to require all existing, as well as new, member firms to gain accreditation.
Existing firms were given until 31 March to become part of the Law Society’s scheme.
The Law Society has warned that many firms are yet to apply to CQS, with application turnaround times between 12 and 15 weeks.
A countdown clock to the deadline is available here.
Law Society chief executive Desmond Hudson said: “The CQS process is unashamedly rigorous, with thorough checking of applications.
“While many banks are responding to regulatory pressure by reducing the number of firms which they will accept for conveyancing work, Santander is among those who have recognised the benefits of maintaining a broad list.”
A Santander spokesman said: “As part of the bank’s efforts to manage risks associated with mortgage lending, we are committed to managing our panel of conveyancing providers.
“CQS provides a means of maintaining choice and high standards for our customers while addressing those risks.”