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approved by Scottish BS
Ready to buy a new home? Failing to check that a lawyer is on the Scottish BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Scottish Building Society Conveyancing Panel? How can my firm be reinstated onto the Scottish Building Society Conveyancing Panel?Find an Approved Solicitor on the Scottish Building Society Conveyancing Panel
Common questions asked concerning the Scottish Building Society Solicitor Panel
Can you please explain the reason why all UK lawyers are not on the Scottish Building Society Conveyancing panel?
Even though it may seem unfair for Scottish Building Society to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Scottish Building Society are limiting their panel of approved conveyancing lawyers to a manageable size. The Scottish Building Society lawyer panel is not the most restricted
Our solicitor has identified a legal deficiency with the lease for the property we are buying. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Scottish Building Society conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Scottish Building Society?
Just because you have a mortgage offer from Scottish Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Scottish Building Society are the client. The appropriate lender requirements have to be complied with by the Scottish Building Society conveyancing panel who has to balance acting for you and Scottish Building Society
Do I have to attend the offices of the Scottish Building Society conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Bristol
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Scottish Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am considering applying for a Scottish Building Society mortgage for purchase of a new build (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Scottish Building Society?
In theory, you could use a solicitor that is not on Scottish Building Society conveyancing panel, but Scottish Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Last month we had a mortgage agreed in principle with Scottish Building Society. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Scottish Building Society?
Some lenders take longer than others. Have Scottish Building Society conducted the valuation? Have you advised Scottish Building Society as your lawyers details and checked that your lawyer is on the Scottish Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I am about to exchange contracts on a purchase with a mortgage from Scottish Building Society. The report from my solicitor mentions that Scottish Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Scottish Building Society can withdraw their mortgage offer although this is unusual. should Scottish Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Where information comes to Scottish Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Where to proceed with the Mortgage offer would be unlawful
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
Scottish Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Scottish Building Society or your broker and complete any relevant paperwork. Scottish Building Society will tell you what documents they want. Scottish Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Scottish Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.