Examples of recent questions relating to the RBS - Direct Line Conveyancing Panel from members of the public
I am selling my house and the estate agent has just e-mailed to advise that the purchasers are changing their property lawyer. I am told that this is due to the fact that RBS - Direct Line will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with specific solicitors?
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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase 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.
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 RBS - Direct Line will not agree to this. Why was RBS - Direct Line even consulted?
Your lawyer being on the RBS - Direct Line conveyancing panel is duty bound to inform RBS - Direct Line of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to RBS - Direct Line then they would have to discontinue acting for you and RBS - Direct Line.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the RBS - Direct Line conveyancing panel. My lawyer has said that they are on the RBS - Direct Line 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 RBS - Direct Line 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 RBS - Direct Line solicitor panel.
Can you clarify what the consequences are if my lawyer’s firm is removed from the RBS - Direct Line Solicitor panel prior to the moving date as agreed at exchange of contracts?
First, 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.
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 RBS - Direct Line conveyancing panel requirements are different to RBS - Direct Line’s conveyancing panel criteria.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with RBS - Direct Line. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with RBS - Direct Line involved you will need to appoint a solicitor on the RBS - Direct Line conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to RBS - Direct Line. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the RBS - Direct Line conveyancing panel.
RBS - Direct Line have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up RBS - Direct Line or your broker and complete any relevant paperwork. RBS - Direct Line will tell you what documents they want. RBS - Direct Line will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. RBS - Direct Line will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.