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approved by Lloyds TSB Sct
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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How does my firm apply to be on the Lloyds TSB Scotland plc Conveyancing Panel? How can my firm be reinstated onto the Lloyds TSB Scotland plc Conveyancing Panel?Find an Approved Solicitor on the Lloyds TSB Scotland plc Conveyancing Panel
Frequently asked questions relating to the Lloyds TSB Scotland Solicitor Panel
Am I correct in assuming that the fact that my conveyancer is not identified on the Lloyds TSB Scotland Solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Lloyds TSB Scotland.
My solicitor has spotted a discrepancy between the assumptions in Lloyds TSB Scotland’s home valuation survey and what is revealed within the title deeds. My lawyer has advised that as he is on the Lloyds TSB Scotland conveyancing panel he must ensure that the bank is with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
A precondition to being on the Lloyds TSB Scotland approved panel is to comply with the CML Handbook requirements (last updated for this lender on Lloyds TSB 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.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Lloyds TSB Scotland conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
Can you clarify what the consequences are if my solicitor is suspended from the Lloyds TSB Scotland Conveyancing panel prior to completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
The mortgage over my property is with Lloyds TSB Scotland. Conveyancing has been completed a year 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 Lloyds TSB Scotland?
Your original mortgage agreement with Lloyds TSB Scotland will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Lloyds TSB 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 Lloyds TSB Scotland directly. It should not be necessary to do this via a Lloyds TSB Scotland conveyancing panel lawyer.
Completion of my remortgage has taken place with a loan from Lloyds TSB Scotland. Conveyancing was satisfactory but I would like to complain about Lloyds TSB Scotland. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the Lloyds TSB Scotland branches or the Customer Services Department at Lloyds TSB Scotland head office. In most cases complaints to Lloyds TSB Scotland are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service with full details of your complaint.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Lloyds TSB Scotland on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Lloyds TSB Scotland conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Lloyds TSB Scotland panel she or he must comply with the CML Handbook requirements for Lloyds TSB Scotland. Unless your lawyer obtains specific confirmation in writing that Lloyds TSB Scotland will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Lloyds TSB Scotland to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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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