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approved by Lloyds TSB Sct
Ready to buy a new home? Failing to check that a lawyer is on the Lloyds TSB Sct list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Lloyds TSB Scotland plc Conveyancing Panel
Examples of recent questions relating to the Lloyds TSB Scotland Conveyancing Panel
For what reasons would a law firm be excluded from the Lloyds TSB Scotland solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Lloyds TSB Scotland
My fiance and I intend to remortgage our apartment with Lloyds TSB Scotland. We have a son approaching twenty who lives with us. The solicitor on the Lloyds TSB Scotland conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Lloyds TSB Scotland conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Lloyds TSB Scotland .This is solely used to protect the Lloyds TSB Scotland if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Lloyds TSB Scotland had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
What tools are available to search for a local solicitor on the Lloyds TSB Scotland conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Lloyds TSB Scotland solicitor panel.
What happens if my solicitor is removed from the Lloyds TSB Scotland Conveyancing panel before the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders such as Lloyds TSB Scotland do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My brother and I have agreed a price on a apartment I spoke to a lawyer recommended by my dad and he advised retaining a law firm approved by Lloyds TSB Scotland. The estate agent recommended two local firms so I asked Lloyds TSB Scotland if the 2 suggested solicitors are approved, which they are not. Lloyds TSB Scotland pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Lloyds TSB Scotland 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Lloyds TSB Scotland to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Lloyds TSB Scotland conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Lloyds TSB Scotland conveyancing panel as it may only take about 2-3 weeks. As long as they meet Lloyds TSB Scotland’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Lloyds TSB Scotland?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Lloyds TSB Scotland conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Lloyds TSB Scotland and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.