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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?Is my firm on the Bank of Scotland Conveyancing Panel? 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
FAQs : The Bank of Scotland Conveyancing Panel
Can you please explain the reason why all solicitors are not on the Bank of Scotland Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My solicitor has spotted a discrepancy between the surveyor’s assumptions in Bank of Scotland’s home valuation survey and what is in the title deeds. My solicitor has advised that as he is on the Bank of Scotland conveyancing panel he must ensure that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s approach right?
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 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 both parties.
Do I have to attend the offices of the Bank of Scotland conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Bristol so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Bank of Scotland undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
The firm that I appointed last week on my purchase in Brighton has suddenly shut down. They were on acting for me because I needed a lawyer on the Bank of Scotland conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Scotland conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
Is there a list of Bank of Scotland panel solicitors on the CML Handbook 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.
Can I be sure that the solicitor on the Bank of Scotland panel is any good?
obtaining recommendations is a sensible start. 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 handling your transaction
For 5 years I had a mortgage with Bank of Scotland. My father has just retired and wants to pay off the mortgage left on the property. After Bank of Scotland is paid, I want to transfer the property to my mother's name; How long will it roughly 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.