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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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I am progressing with the sale of my apartment and the EA has just called to advise that the purchasers are changing their property lawyer. The reason given is that Bank of Scotland will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason 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 being contacted daily by practices 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Bank of Scotland will not agree to this. Why was Bank of Scotland even consulted?
Your lawyer being on the Bank of Scotland conveyancing panel is duty bound to inform Bank of Scotland of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Bank of Scotland then they would have to discontinue acting for you and Bank of Scotland.
I am looking to buy a house and require a conveyancing solicitor in Manchester who is on the Bank of Scotland approved. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Scotland . We don’t recommend any particular firm.
I was supposed to move into my dream home yesterday. My lawyer’s firm is on the Bank of Scotland conveyancing panel but has moved offices in the past couple of months and had not advised Bank of Scotland of their new address. Bank of Scotland has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. 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 Bank of Scotland branch or your mortgage broker to see if they can help.
Do conveyancing lawyers on the Bank of Scotland conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Is it common for Bank of Scotland to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Bank of Scotland can withdraw their mortgage offer although this rarely happens. In the unlikely event that Bank of Scotland withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Bank of Scotland may amend or withdraw an offer if the Bank of Scotland conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs Bank of Scotland of a change in security address
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the sale is not at arms length for value to unconnected persons
- If the solicitor on the Bank of Scotland conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Bank of Scotland ‘s instructions
The for formalities of my remortgage has taken place with a loan from Bank of Scotland. Conveyancing was a necessary evil but I would like to complain about Bank of Scotland. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the Bank of Scotland branches or the Customer Services Department at Bank of Scotland head office. We understand that complaints to Bank of Scotland are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
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