Find an Approved Solicitor on the The Royal Bank of Scotland plc One Account
Frequently asked questions relating to the RBS (One Account) Conveyancing Panel
I am selling my apartment and the estate agent has just texted me to warn that the purchasers are changing their law firm. The excuse is that RBS (One Account) will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain solicitors?
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 Nationwide , 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 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.
We are nearing an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender RBS (One Account). Apparently, being on the RBS (One Account) conveyancing panel and acting on their behalf he must inform RBS (One Account) if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with RBS (One Account) to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to RBS (One Account) if you agree, failing which, your lawyer must cease to continue acting.
I am Googling for conveyancing quotes online. Can I be assured that all the law firms that are listed on your directory are on the RBS (One Account) conveyancing panel?
The law firms on our directory have advised us that they are on the RBS (One Account) panel and agreed to advise us to take down their listing in the event of removal off of the RBS (One Account) panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the RBS (One Account) conveyancing panel is incorrect.
I was supposed to move into my first house last Friday. My lawyer’s firm is on the RBS (One Account) solicitors panel but has moved offices in the past couple of months and had not advised RBS (One Account) of their new address. RBS (One Account) 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 RBS (One Account) branch or your mortgage broker to see if they can help.
How can we tell if a solicitor on the RBS (One Account) panel is any good?
obtaining recommendations is a good 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 advocate that you speak with the solicitor handling your conveyancing
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 not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS (One Account) are being problematic. The solicitor who is on the RBS (One Account) conveyancing panel is recommending indemnity insurance as a solution but RBS (One Account) are insisting on a building regulation certificate. Why do RBS (One Account) have a conveyancing panel of they don’t accept advice from them?
It is probably the case that RBS (One Account) have referred the matter to their valuer. The reason why RBS (One Account) may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.