Bank of Scotland Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am in the process of selling my house and the EA has just telephoned to advise that the purchasers are changing their solicitor. I am told that this is due to the fact that Bank of Scotland will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers?
Mortgage companies have always had an approved set 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.
Lenders blame a rise in fraud as the reason 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 hearing daily from firms 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 Bank of Scotland will not agree to this. Why was Bank of Scotland even consulted?
Your lawyer being on the Bank of Scotland conveyancing panel is duty bound to inform Bank of Scotland of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Bank of Scotland then they would have to discontinue acting for you and Bank of Scotland.
I am buying a house and need a conveyancing solicitor in Birmingham who is on the Bank of Scotland solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Scotland . We don’t recommend any particular firm.
I am considering applying for a Bank of Scotland mortgage for purchase of a newly converted (under development) with 70% loan to value. 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.
I have a mortgage with Bank of Scotland. My godfather has just retired and wants to pay off the mortgage left on the property. After Bank of 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 Bank of Scotland conveyancing panel? I do not intend to live at the property once the Bank of Scotland mortgage is discharged.
You
will need a solicitor but they need not be on the Bank of Scotland conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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 Bank of Scotland on various occasions and told it wasn't a problem 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
As long as the conveyancer is on the Bank of Scotland panel she or he must comply with the CML Handbook 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.
We are are acquiring a garden flat in Hendon. Conveyancing solicitors in Hendon are preferred to beretained. My brokeradvised that we double-check that the solicitor in Hendon is on the Bank of Scotland list of approved conveyancing firms. Is this right?
Far from all Hendon conveyancing firms are on the Bank of Scotland conveyancing panel. Use the above search tool to find a Hendon conveyancing practitioner on the on the Bank of Scotland panel.