Examples of recent questions relating to the Lloyds TSB Scotland Conveyancing Panel from members of the public
I am selling my maisonette and the EA has just called to warn that the buyers are switching law firm. The excuse is that Lloyds TSB Scotland will only work with property lawyers on their conveyancing panel. Why would a major lender only work with certain lawyers?
Mortgage companies have always had panels 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 blame a rise 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 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.
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 Lloyds TSB Scotland will not agree to this. Why was Lloyds TSB Scotland even consulted?
Your lawyer being on the Lloyds TSB Scotland conveyancing panel is duty bound to inform Lloyds TSB Scotland of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Lloyds TSB Scotland then they would have to discontinue acting for you and Lloyds TSB Scotland.
I note that you have a search directory identifying solicitors on the Lloyds TSB Scotland conveyancing panel. Do firms pay you a referral fee 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 Lloyds TSB Scotland conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My uncle passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Lloyds TSB Scotland , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Lloyds TSB Scotland will insist on your using a conveyancer on the Lloyds TSB Scotland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds TSB Scotland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds TSB Scotland mortgage is registered as a charge at the Land Registry.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Lloyds TSB Scotland conveyancing panel requirements are different to Lloyds TSB Scotland’s conveyancing panel requirements.
My existing mortgage is with Lloyds TSB Scotland. My godfather has just retired and wants to pay off my mortgage. After Lloyds TSB Scotland is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Lloyds TSB Scotland conveyancing panel? I do not intend to live at the property once the Lloyds TSB Scotland mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Lloyds TSB Scotland 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. There's no capital gains tax for you as it is
your main residence.
I have a mortgage with Lloyds TSB Scotland. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds TSB Scotland?
You must advise Lloyds TSB Scotland before letting out your property as this is likely to be a breach of Lloyds TSB Scotland’s mortgage conditions. It may be that Lloyds TSB Scotland will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds TSB Scotland directly. It should not be necessary to do this via a Lloyds TSB Scotland conveyancing panel firm.