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approved by Bank of Scotland
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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How does my firm apply to be on the Bank of Scotland Conveyancing Panel? How can my firm be reinstated onto the Bank of Scotland Conveyancing Panel?Find an Approved Solicitor on the Bank of Scotland Conveyancing Panel
FAQs for the Bank of Scotland Solicitor Panel
On what basis could a law firm be removed from the Bank of Scotland approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Bank of Scotland
Our solicitor has identified a defect with the lease for the flat we are buying. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Bank of Scotland conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Bank of Scotland?
Just because you have a mortgage offer from Bank of Scotland 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 Bank of Scotland are the client. The appropriate lender requirements have to be complied with by the Bank of Scotland conveyancing panel who has to balance acting for you and Bank of Scotland
I see that you have a search directory listing solicitors on the Bank of Scotland conveyancing panel. Do firms pay you a commission if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Scotland conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am thinking of remortgaging my property does my lawyer need to be on the Bank of Scotland Solicitor panel?
In theory, you could use a solicitor that is not on Bank of Scotland conveyancing panel, but Bank of Scotland 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.
We have a mortgage agreed in principle with Bank of Scotland. Solicitors have been chosen? 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 done the valuation? Have you advised Bank of Scotland as your lawyers details and checked that your lawyer is on the Bank of Scotland conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Why might a lender such as Bank of Scotland withdraw a mortgage offer?
Lenders such as Bank of Scotland can withdraw their mortgage offer although this is unusual. should Bank of Scotland withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Bank of Scotland may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Bank of Scotland has been notified
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where to proceed with the Mortgage offer would be unlawful
- 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;
I have a mortgage with Bank of Scotland. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Scotland?
Your original mortgage agreement with Bank of Scotland will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Bank of Scotland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Scotland directly. You need not do this via a Bank of Scotland conveyancing panel firm.
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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