Suffolk Building Society Conveyancing Panel Compliance Audit

It is very likely that in the future your firm will receive a file request to check for compliance with the conveyancing panel Handbook requirements of Suffolk Building Society. Would you opt to be commissioning the audit or would you prefer to wait for your insurer or Suffolk Building Society?

Suffolk Building Society is undoubtedly one of your most important clients for conveyancing work.

Are you 100% sure that you are strictly following the requirements as a firm on the Suffolk Building Society conveyancing panel?

You can ask one of your team to carry out an audit but Lexsure is uniquely positioned to conduct a full lender panel compliance audit for your conveyancing files where Suffolk Building Society are the the mortgagor.

Lexsure’s complete bank of Suffolk Building Society Handbook instructions gives us the ability to review a law firms’ conveyancing cases whilst on the Suffolk Building Society conveyancing panel retrospectively and in much the same way as Suffolk Building Society would.

Lexsure’s panel of experienced assessors impartially assess using propriety templates and Lender Handbook archives whether each transaction was in line with the requirements at the point that the CoT was submitted.

In the absence of your search company offering the service as part of your account management the fee for a Suffolk Building Society compliance panel audit is £1,975+VAT. Our team tend to audit eight remortgage or purchase files involving Suffolk Building Society, which we can stratify by tenure (e.g. leasehold) date or a multitude characteristics.

Once the fieldwork is completed, we will supply you with a full written compliance profile for your transactions with Suffolk Building Society and a baseline risk score. We will also follow-up with you to present our auditor’s findings and guidance in a formal interview. Further audits can be scheduled. Lexsure will contact the head of conveyancing to request the status of planned actions. No more than two lender conveyancing panel audits may be commissioned by a practice a year.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to choose the date, time and location of a Suffolk Building Society conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or reschedule a Suffolk Building Society panel compliance audit. Please note that before accepting a Suffolk Building Society conveyancing panel compliance audit we have to conduct a conflict check. It is sometimes not possible for Lexsure to agree to a Suffolk Building Society panel compliance file audit

Suffolk Building Society Conveyancing File Audits : Your Questions

I spoke with a local firm who had commissioned an audit for their Suffolk Building Society conveyancing files but I was told by Lexsure that you are conflicted and have to refuse to audit my firm. Why would this be the case?

For further details click here.

What happens if or when you uncover breaches? Do you inform Suffolk Building Society or their panel managers?

This is a common question. Where a conveyancing file audit is arranged by your firm and Lexsure finds problems, they are often easily categorised. Lexsure can not undo what has been done but we can suggest adjustments to the problematic parts of your risk prevention protocols and checklists. And we can advise on tools to help avoid recurrences with the aim of protecting your panel status.

Where commissioned by your firm Lexsure has no duty to report breaches to Suffolk Building Society and we will ensure the results of your audit are completely confidential.

Why would my firm consider a Suffolk Building Society handbook compliance audit?

Lexsure occasionally meets Suffolk Building Society conveyancing panel companies who express confidence that they have comprehensive compliance protocols. Yet Lexsure sees common breaches of the lender Handbook instructions. In fact, we have yet to complete a single audit that didn’t uncover any breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Breaches of handbook requirements for Suffolk Building Society or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even disciplinary action by your regulator. Lexsure’s lender compliance audits are an efficient way to ensure there aren’t costly skeletons in your conveyancing cupboard.

Are lender Handbook audits common?

Increasingly. Even with repossessions at a low rate lenders are on the move with conveyancing file inspections are already on the increase. Lenders (although not specifically Suffolk Building Society) and PI insurers complain that non-compliance is still all too frequent, even in reputable conveyancing firms. With pressure on interest rates and an uncertain financial climate, we recommend ensuring your compliance before repossessions rise and even more file audits are commissioned by lenders and insurers.

Will a satisfactory audit of my firm’s previous files involving Suffolk Building Society enable my firm to be reinstated on the Suffolk Building Society conveyancing panel?

No. We do not get involved in the Suffolk Building Society conveyancing panel selection or reinstatement process