Bank of Scotland Private Conveyancing Panel Example Support Desk Enquires from members of the public
I would like to know the reason why all UK lawyers are not on the Bank of Scotland Private Conveyancing panel?
Bank of Scotland Private and other banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Bank of Scotland Private have no responsibility for the quality of advice provided by any member of Bank of Scotland Private Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Our lawyer has identified a problem with the lease for the apartment we are buying. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Bank of Scotland Private conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Bank of Scotland Private?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Bank of Scotland Private are the client. A precondition to being on the Bank of Scotland Private approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Scotland Private). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Bank of Scotland Private can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
Are the lawyers identified as being on the Bank of Scotland Private conveyancing panel, together with their details provided by Bank of Scotland Private?
The law firm practices themselves provide us confirmation that they are on the Bank of Scotland Private conveyancing panel as opposed to being supplied with a list from Bank of Scotland Private directly.
What happens if my lawyer’s firm is suspended from the Bank of Scotland Private Conveyancing panel in advance of the completion date?
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 at a cost.
When it comes to lenders such as Bank of Scotland Private do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bank of Scotland Private be concerned
Given that you are obtaining a mortgage with Bank of Scotland Private your lawyer must to check the Bank of Scotland Private conveyancing instructions contained in the Part of CML Handbook for Bank of Scotland Private . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Bank of Scotland Private where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My ex -wife’s name is on the Bank of Scotland Private mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Bank of Scotland Private mortgage in order to sell?
In terms of the Bank of Scotland Private mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Bank of Scotland Private in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.