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Royal Bank of Scotland Conveyancing Panel Recently Asked Questions
I am selling my maisonette and the estate agent has just texted me to advise that the buyers are appointing a new law firm. The reason given is that Royal Bank of Scotland will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only deal with specific lawyers?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My solicitor has uncovered a discrepancy between the surveyor’s assumptions in Royal Bank of Scotland’s home valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the Royal Bank of Scotland conveyancing panel he is duty bound to check that the lender is with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
A precondition to being on the Royal Bank of Scotland approved panel is to comply with the CML Handbook requirements (last updated for this lender on Royal Bank of Scotland) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I note that you have a post code search directory listing solicitors on the Royal Bank of Scotland conveyancing panel. Do firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Royal Bank of Scotland conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Royal Bank of Scotland conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Royal Bank of Scotland conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do most lenders 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 Royal Bank of Scotland conveyancing panel requirements are different to Royal Bank of Scotland’s conveyancing panel criteria.
My wife and I have arranged a further advance on our mortgage from Royal Bank of Scotland as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Royal Bank of Scotland conveyancing panel to deal with the paperwork?
Royal Bank of Scotland do not ordinarily appoint firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Royal Bank of Scotland list
Royal Bank of Scotland 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 Royal Bank of Scotland or your broker and complete any relevant paperwork. Royal Bank of Scotland will tell you what documents they want. Royal Bank of Scotland 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. Royal Bank of Scotland 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.
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