Q and A’s regarding the Bank of Scotland Conveyancing Panel from members of the public
Much to my surprise I have been told by my mortgage broker that my the law firm I have appointed is not on the Bank of Scotland Solicitor panel. What can I do to be sure that this is correct?
The best course of action for you to take is to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the the approved Bank of Scotland solicitor panel.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Bank of Scotland. I am advised that, being on the Bank of Scotland conveyancing panel and acting on their behalf he must inform Bank of Scotland if the balance of the mortgage advance is not just from me. I disclosed to 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 Bank of Scotland 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 Bank of Scotland if you agree, failing which, your lawyer must cease to continue acting.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Bank of Scotland conveyancing panel. My lawyer has said that they are on the Bank of Scotland 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 Bank of Scotland 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 Bank of Scotland solicitor panel.
I am considering applying for a Bank of Scotland mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Scotland?
In theory, you could use a solicitor that is not on Bank of Scotland conveyancing panel, but Bank of Scotland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Do most 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 Bank of Scotland conveyancing panel requirements are different to Bank of Scotland’s conveyancing panel criteria.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Bank of Scotland on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Bank of Scotland 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 Bank of Scotland. Unless your lawyer obtains specific confirmation in writing that Bank of Scotland 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 Bank of Scotland to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My ex -wife’s name is on the Bank of Scotland 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 mortgage in order to sell?
In terms of the Bank of Scotland 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 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.