Q and A’s regarding the Bank of Scotland Private Conveyancing Panel from members of the public
My financial adviser has informed me that I have to pay Bank of Scotland Private fees should I instruct my family lawyer. How good are the Bank of Scotland Private conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Would you recommend a specific law firm on the Bank of Scotland Private panel?
Bank of Scotland Private’s conveyancing panel is pretty large so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Bank of Scotland Private will allow to act for them.
Expecting to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Bank of Scotland Private. What risks do Bank of Scotland Private expect the insurance to cover?
All property lawyers on the Bank of Scotland Private conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Bank of Scotland Private’s Part 2 requirements of the CML Handbook (last updated on Bank of Scotland Private). Being on the Bank of Scotland Private conveyancing panel your lawyer is expect to follow these instructions.
I note that you have a search directory listing solicitors on the Bank of Scotland Private conveyancing panel. Do firms pay you a commission if I retain them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Scotland Private conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my solicitor is expelled from the Bank of Scotland Private Conveyancing panel before the moving date as agreed at exchange of contracts?
The first thing to point out is that, 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.
Are all Conveyancing Quality Solicitors on the Bank of Scotland Private conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
Do conveyancing solicitors on the Bank of Scotland Private conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I had instructed online solicitors based in London who are on the Bank of Scotland Private solicitor panel. They have just invoiced me a separate fee of £195 for the legal aspects of the Bank of Scotland Private mortgage. Is this a supplemental conveyancing fee set by Bank of Scotland Private?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Bank of Scotland Private but by your lawyers. Some firms on the Bank of Scotland Private will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.