Incorrect reports suggested that Nationwide had tightened the criteria used for its conveyancing panel by asking for one case a week to be placed with the mutual, but Nationwide has rubbished the reports, saying it has not changed its stance in over three months.
New rules put in place earlier this year state that conveyancers must complete four cases per year with Nationwide to remain on its panel, in addition to fifty in the market as a whole.
A spokesperson told Mortgage Solutions: “There’s been no change to our requirements since April, we ask for one case to be placed with Nationwide every four months, and that hasn’t changed.
“Nationwide has made no secret of the fact that, in common with many other lenders, we regularly review our solicitor panel – it makes good business sense for us to do so.
“We want to consolidate our relationships with conveyancing firms who regularly act on our behalf, enabling us to better manage business risks, whilst still being mindful of the need for customer choice.
“In a process we started in April, we contacted firms to confirm that we expected them to undertake at least one transaction a week across the market (fifty per year) to remain on our panel.
“We do make exceptions for more isolated or rural areas (such as Northern Ireland and Shetland) where volumes are naturally lower and for any firm that delivers a wider public good.
“This process has been carried out with the active involvement of the legal profession governing bodies (The Law Societies of England and Wales, Scotland and Northern Ireland and the Council for Licensed Conveyancers).”
The lender added that conveyancers on its panel have held steady at 4,000 since the new system was introduced.
