Find an Approved Solicitor on the Bank of Scotland
Common questions asked concerning the Bank of Scotland Conveyancing Panel
Am I correct in assuming that the fact that my conveyancer is not identified on the Bank of Scotland Conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. 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 Bank of Scotland.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Bank of Scotland. What risks do Bank of Scotland expect the insurance to cover?
All property lawyers on the Bank of 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 Bank of Scotland’s Part 2 requirements of the CML Handbook (last updated on Bank of Scotland). Being on the Bank of Scotland conveyancing panel your lawyer is expect to follow these requirements.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Bank of Scotland solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Bank of Scotland mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Scotland?
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 transaction.
Do the majority of banks 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 Bank of Scotland conveyancing panel requirements are different to Bank of Scotland’s conveyancing panel criteria.
My ex -wife’s name is on the Bank of Scotland mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Bank of Scotland mortgage in order to sell?
As regards the Bank of Scotland mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Bank of Scotland in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
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 Bank of Scotland or your broker and complete any relevant paperwork. Bank of Scotland will tell you what documents they want. 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. 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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