Nationwide Group has shed around 300 firms from its conveyancing panel in what is understood to be a ‘risk-based review’.

The Law Society has immediately entered into discussions with the lender.

The group covers mortgages provided by Nationwide; the Mortgage Works; Portman; UCB Home Loans; and the Derbyshire, Cheshire and Dunfermline building societies.

Nationwide has written to the firms which are being dropped from the panel over the past month to notify them of its decision.

Nationwide Group’s communications manager Jackie Lawrence said it carried out panel reviews on a regular ongoing basis as firms left and joined.

She said the most recent review was not triggered by any particular concerns or to single out particular types of firms, such as sole practitioners.

She confirmed that Nationwide Group does not discriminate between types of firms and has sole practitioner members on its panel.

‘The review is just part of the normal prudent management of the panel,’ said Lawrence.

She said the criteria for removal from the panel was varied, but that risk was one aspect of this.

In common with other lenders, Lawrence said it was not the group’s practice to disclose to third parties the reasons for removal or the size of the current panel.

Law Society chief executive Desmond Hudson said: ‘The Nationwide Group has conducted what we understand to be a risk-based review of its panel across its brands.

‘The Law Society immediately entered into dialogue with Nationwide on this and will provide further information as soon as possible.’