FAQs for the Bank of Scotland Solicitor Panel from members of the public
I am progressing with the sale of my maisonette and the EA has just called to warn that the buyers are changing their conveyancer. The excuse is that Bank of Scotland will only deal with solicitors on their approved list. On what basis would a major lender only deal with certain law firms?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 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 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.
Our conveyancer has identified a problem with the lease for the flat we are purchasing. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the Bank of Scotland conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Bank of Scotland?
Just because you have a mortgage offer from Bank of Scotland does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Bank of Scotland are the client. The appropriate lender requirements have to be complied with by the Bank of Scotland conveyancing panel who has to balance acting for you and Bank of Scotland
I am planning to acquire a flat and need a conveyancing solicitor in Manchester 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 buying a terraced house and getting a mortgage with Bank of Scotland. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Bank of Scotland conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Bank of Scotland conveyancing panel in your location.
When it comes to lenders such as Bank of Scotland 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'm in the throws of looking at houses and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Bank of Scotland
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Bank of Scotland , ask your prospective lawyers check they are on the Bank of Scotland conveyancing panel otherwise they can't do the mortgage legal work.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Bank of Scotland?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Bank of Scotland conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Bank of Scotland and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.