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Ready to buy a new home? Failing to check that a lawyer is on the Lloyds TSB Sct list of approved solicitors can put your transaction at risk of delay or failure.
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I am progressing with the sale of my apartment and the EA has just telephoned to advise that the purchasers are swapping law firm. The reason given is that Lloyds TSB Scotland will only work with property lawyers on their approved list. Why would a leading lender only work with specific lawyers?
UK lenders 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase 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.
I am due to move into my new home next Thursday. 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 Lloyds TSB Scotland. What risks do Lloyds TSB Scotland expect the insurance to cover?
All property lawyers on the Lloyds TSB 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 Lloyds TSB Scotland’s Part 2 requirements of the CML Handbook (last updated on Lloyds TSB Scotland). Being on the Lloyds TSB Scotland conveyancing panel your lawyer is expect to follow these instructions.
I am purchasing a flat and require a conveyancing solicitor in Newcastle who is on the Lloyds TSB Scotland conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds TSB Scotland . We don’t recommend any particular firm.
I was scheduled to move into my dream home last Thursday. My lawyer’s firm is on the Lloyds TSB Scotland solicitors panel but has moved offices 8 weeks ago and had not informed Lloyds TSB Scotland of their new address. Lloyds TSB Scotland is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. 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 Lloyds TSB Scotland branch or your mortgage broker to see if they can assist.
Can you point me to a directory of Lloyds TSB Scotland panel solicitors on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
How can we tell if a solicitor on the Lloyds TSB Scotland panel is any good?
Getting recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your conveyancing
I am currently in the process of buying my council flat. I have a mortgage agreed with Lloyds TSB Scotland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Lloyds TSB Scotland you will need to appoint a solicitor on the Lloyds TSB Scotland conveyancing panel.
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Transfer of Equity for Lloyds TSB ScotlandPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors