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approved by BankOfScotlandPrivate
Ready to buy a new home? Failing to check that a lawyer is on the BankOfScotlandPrivate list of approved solicitors can put your transaction at risk of delay or failure.
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Q and A’s regarding the Bank of Scotland Private Conveyancing Panel
My husband and I are hoping to buy a 1 bedroom flat in Leeds with a mortgage from Bank of Scotland Private. We like our solicitor but Bank of Scotland Private says she’s not on their "panel". We have to appoint one of the Bank of Scotland Private panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Bank of Scotland Private conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Scotland Private
I am due to complete my purchase next Tuesday. 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 Private. What risks do Bank of Scotland Private expect the insurance to cover?
Any lawyer on the Bank of Scotland Private 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 Private’s Part 2 requirements of the CML Handbook (last updated on Bank of Scotland Private). Being on the Bank of Scotland Private conveyancing panel your lawyer is expect to follow these requirements.
Do I need to pop into the offices of the Bank of Scotland Private conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in London
so that I can pop in to their offices if necessary.
Whereas this was necessary 12 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 London
.
I was supposed to move into my dream home last Thursday. My solicitor is on the Bank of Scotland Private conveyancing panel but has moved offices in the past couple of months and had not informed Bank of Scotland Private of their new address. Bank of Scotland Private is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. 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 Private branch or your mortgage broker to see if they can help.
Can you point me to a directory of Bank of Scotland Private 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.
My existing mortgage is with Bank of Scotland Private. My father has just retired and wants to pay off my mortgage. After Bank of Scotland Private 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 Private conveyancing panel? I do not intend to live at the property once the Bank of Scotland Private mortgage is discharged.
You
will need a solicitor but they need not be on the Bank of Scotland Private conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have a mortgage with Bank of Scotland Private. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Scotland Private?
Bank of Scotland Private must be informed of your intention before renting your property as this is likely to be a breach of Bank of Scotland Private’s mortgage conditions. It may be that Bank of Scotland Private will allow you to rent 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 Bank of Scotland Private directly. It should not be necessary to do this via a Bank of Scotland Private conveyancing panel solicitor.