Find an Approved Solicitor on the The Royal Bank of Scotland plc One Account
Common questions asked concerning the RBS (One Account) Conveyancing Panel
I am progressing with the sale of my flat and the estate agent has just called to advise that the buyers are switching law firm. The reason given is that RBS (One Account) will only work with solicitors on their approved list. Why would a big named lender only work with specific solicitors?
Banks have always had panels 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 25 years.
Banks point to the increase in fraud as the reason 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 being contacted daily by practices 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.
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 RBS (One Account) was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer informs me that as she is on the RBS (One Account) conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the RBS (One Account) approved panel is to comply with the CML Handbook requirements (last updated for this lender on RBS (One Account))which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to RBS (One Account).
Are the lawyers identified as being on the RBS (One Account) conveyancing panel, together with their details provided by RBS (One Account)?
The law firm practices themselves provide us confirmation that they are on the RBS (One Account) conveyancing panel as opposed to being supplied with a list from RBS (One Account) directly.
What happens if my solicitor is removed from the RBS (One Account) Solicitor panel in advance of completion?
First, this is a very rare occurrence. 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.
We expect to receive a DIP from RBS (One Account) this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the RBS (One Account) recommend a solicitor on the RBS (One Account) conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the RBS (One Account) conveyancing panel. The solicitor represents both you and the RBS (One Account) through the process.
For 5 years I had a mortgage with RBS (One Account). My godfather retired last week and wants to pay off the mortgage left on the property. After RBS (One Account) 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 RBS (One Account) conveyancing panel? I do not intend to live at the property once the RBS (One Account) mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the RBS (One Account) 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 decided to exercise my right to buy my property off the council. I have a mortgage offer with RBS (One Account). Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with RBS (One Account) you will need to appoint a solicitor on the RBS (One Account) conveyancing panel.