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approved by Bank of Scotland
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.
Looking for information about your firm's panel status?How does my firm apply to be on the Bank of Scotland Conveyancing Panel? How can my firm be reinstated onto the Bank of Scotland Conveyancing Panel?
Find an Approved Solicitor on the Bank of Scotland Conveyancing Panel
Frequently asked questions relating to the Bank of Scotland Conveyancing Panel
I appointed a law firm to carry out on my house purchase 5 weeks ago having applied for a mortgage with Bank of Scotland. The firm reassured me that they are on Bank of Scotland conveyancing panel and gave me their panel reference. Bank of Scotland then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for Bank of Scotland?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Bank of Scotland conveyancing panel You may wish to enlist the help of your broker to check with the Bank of Scotland as to the time frame to get your lawyer reinstated on the panel once again.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Bank of Scotland was issued random date and we have agreed a date for me to move into the property on Tues etc. My solicitor has advised that as she is on the Bank of Scotland conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Bank of Scotland approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Scotland)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Bank of Scotland.
Is it necessary during the course of the conveyancing process to pop into the offices of the Bank of Scotland conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle .
I was due to move into my dream home last Friday. My lawyer’s firm is on the Bank of Scotland conveyancing panel but has moved offices 8 weeks ago 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. The majority of 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.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Bank of Scotland conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I have today made my last payment due on mortgage with Bank of Scotland. I assume I don't need a solicitor on the Bank of Scotland panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Bank of Scotland mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Scotland mortgage from the register. Bank of Scotland,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage: but are not moving to another property where the Bank of Scotland has sent the Land Registry the discharge electronically, and the Bank of Scotland has instructed the Land Registry to do so The Land Registry will send you a letter confirming that your Bank of Scotland mortgage has been paid off.
My existing mortgage is with Bank of Scotland. My father has just retired and wants to pay off my mortgage. After Bank of Scotland is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Bank of Scotland conveyancing panel? I do not intend to live at the property once the Bank of Scotland mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Bank of Scotland panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.