Find an Approved Solicitor on the The Royal Bank of Scotland plc Natwest One Account
FAQs : The Royal Bank of Scotland -Natwest One Conveyancing Panel
I am in the process of selling my maisonette and the EA has just called to say that the buyers are switching solicitor. I am told that this is due to the fact that Royal Bank of Scotland -Natwest One will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification 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 hearing daily from firms 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.
My solicitor has uncovered an inconsistency between the information in Royal Bank of Scotland -Natwest One’s valuation survey and what is revealed within the title deeds. My solicitor says that as he is on the Royal Bank of Scotland -Natwest One conveyancing panel he is duty bound to ensure that the lender is with this discrepancy and is content go ahead. Is my solicitor’s stance appropriate?
A precondition to being on the Royal Bank of Scotland -Natwest One approved panel is to comply with the CML Handbook requirements (last updated for this lender on Royal Bank of Scotland -Natwest One) 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 you.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Royal Bank of Scotland -Natwest One conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am in the process of mortgaging my property does my lawyer need to be on the Royal Bank of Scotland -Natwest One Solicitor panel?
In theory, you could use a solicitor that is not on Royal Bank of Scotland -Natwest One conveyancing panel, but Royal Bank of Scotland -Natwest One would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How can we tell if a solicitor on the Royal Bank of Scotland -Natwest One 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 recommend that you speak with the lawyer carrying out your transaction
We are getting a further advance on our mortgage from Royal Bank of Scotland -Natwest One as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Royal Bank of Scotland -Natwest One conveyancing panel to deal with the legals?
Royal Bank of Scotland -Natwest One would not normally appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Royal Bank of Scotland -Natwest One list
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Royal Bank of Scotland -Natwest One on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Royal Bank of Scotland -Natwest One conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Royal Bank of Scotland -Natwest One panel she or he must comply with the CML Handbook requirements for Royal Bank of Scotland -Natwest One. Unless your lawyer obtains specific confirmation in writing that Royal Bank of Scotland -Natwest One will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Royal Bank of Scotland -Natwest One to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.