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Ready to buy a new home? Failing to check that a lawyer is on the RBS (One Account) list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs : The RBS (One Account) Solicitor Panel
My wife and I are first time buyers. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. RBS (One Account) have this morning contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact RBS (One Account) and see if they can apply for membership of the RBS (One Account) conveyancing panel, but if that is not viable RBS (One Account) will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the RBS (One Account) conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company RBS (One Account) will not agree to this. Why was RBS (One Account) even consulted?
Your lawyer being on the RBS (One Account) conveyancing panel is duty bound to inform RBS (One Account) of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to RBS (One Account) then they would have to discontinue acting for you and RBS (One Account).
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the RBS (One Account) conveyancing panel. My lawyer has said that they are on the RBS (One Account) approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the RBS (One Account) conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the RBS (One Account) solicitor panel.
My conveyancers in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with RBS (One Account). Is it case that being on the RBS (One Account) conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the RBS (One Account) Conveyancing Panel Terms. It might be worth you contacting RBS (One Account) directly.
My wife and I have arranged a further advance on our mortgage from RBS (One Account) as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the RBS (One Account) conveyancing panel to deal with the paperwork?
RBS (One Account) would not normally instruct firms on 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 RBS (One Account) panel
We have had an offer accepted on a house I spoke to a conveyancer recommended by my uncle and he suggested using a property lawyers approved by RBS (One Account). The estate agent recommended two local firms so I asked RBS (One Account) if the 2 suggested solicitors are approved, which they are not. RBS (One Account) pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of RBS (One Account) 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of RBS (One Account) for conveyancing panel firms in your area. 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 RBS (One Account) 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 RBS (One Account) conveyancing panel as it may only take about 2-3 weeks. As long as they meet RBS (One Account)’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.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called RBS (One Account) on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the RBS (One Account) 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
Your lawyer has to follow the CML Handbook Part 2 requirements for RBS (One Account). Unless your lawyer obtains specific confirmation in writing that RBS (One Account) 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 RBS (One Account) to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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