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Ready to buy a new home? Failing to check that a lawyer is on the Bank of Scotland list of approved solicitors can put your transaction at risk of delay or failure.
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The lawyer my fiance and I wanted to use for conveyancing on a remortgage said he will levy higher legal fees if my mortgage is with Bank of Scotland because of their unusual legal requirements. Am I likely to be frustrated using Bank of Scotland? Is Bank of Scotland conveyancing so much more difficult?
Bank of Scotland conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Bank of Scotland conveyancing panel. If they are not, this does add further risk of delay as Bank of Scotland will appoint their own solicitors to look after their interest.
I am due to move into my new home next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Bank of Scotland. What risks do Bank of Scotland expect the insurance to cover?
All property lawyers on the Bank of Scotland conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Bank of Scotland’s Part 2 requirements of the CML Handbook (last updated on Bank of Scotland). Being on the Bank of Scotland conveyancing panel your lawyer is expect to follow these instructions.
I am looking for competitive conveyancing fees. Can I be assured that all the law firms that are identified on your site are on the Bank of Scotland conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Bank of Scotland panel and agreed to advise us to take down their listing in the event of removal off of the Bank of Scotland panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Bank of Scotland conveyancing panel is not accurate.
I was supposed to complete on my flat two days ago. My lawyer’s firm is on the Bank of Scotland solicitors panel but has moved offices 8 weeks ago and had not informed Bank of Scotland of their new address. Bank of Scotland is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Bank of Scotland branch or your mortgage broker to see if they can help.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Bank of Scotland conveyancing panel requirements are different to Bank of Scotland’s conveyancing panel criteria.
Two weeks ago we had a mortgage agreed in principle with Bank of Scotland. Solicitors have been instructed? How long does it take for Bank of Scotland to send the offer to our conveyancer
Some lenders take longer than others. Have Bank of Scotland conducted the survey? Have you advised Bank of Scotland as your lawyers details and checked that your lawyer is on the Bank of Scotland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Completion of my remortgage has taken place with a mortgage from Bank of Scotland. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Bank of Scotland. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the Bank of Scotland branches or the Customer Services Team at Bank of Scotland head office. In most cases complaints to Bank of Scotland are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
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Transfer of Equity for Bank of ScotlandPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors