Royal Bank of Scotland -Natwest One Conveyancing Panel : Questions and Answers
from members of the public
A solicitor I had intended to instruct on a remortgage said she would charge more if my mortgage is with Royal Bank of Scotland -Natwest One due to their difficult processes! Will I regret using Royal Bank of Scotland -Natwest One? Is Royal Bank of Scotland -Natwest One conveyancing so much more difficult?
Royal Bank of Scotland -Natwest One conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Royal Bank of Scotland -Natwest One conveyancing panel. If they are not, this does add further risk of delay as Royal Bank of Scotland -Natwest One will appoint their own solicitors to look after their interest.
My partner and I are refinancing our penthouse with Royal Bank of Scotland -Natwest One. We have a son approaching twenty who lives with us. The solicitor on the Royal Bank of Scotland -Natwest One conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Royal Bank of Scotland -Natwest One conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Royal Bank of Scotland -Natwest One conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Royal Bank of Scotland -Natwest One .This is solely used to protect the Royal Bank of Scotland -Natwest One if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Royal Bank of Scotland -Natwest One had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I need to pop into the offices of the Royal Bank of Scotland -Natwest One conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Liverpool
so that I can attend their offices if necessary.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
I am in the process of mortgaging my house does my lawyer have to be on the Royal Bank of Scotland -Natwest One Solicitor panel?
In theory, you could use a solicitor that is not on Royal Bank of Scotland -Natwest One conveyancing panel, but Royal Bank of Scotland -Natwest One 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 transaction.
When it comes to mortgage companies such as Royal Bank of Scotland -Natwest One do solicitors have to be pay a fee to be on the conveyancing panel?
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.
Do conveyancing solicitors on the Royal Bank of Scotland -Natwest One conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
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 in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Royal Bank of Scotland -Natwest One?
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 Royal Bank of Scotland -Natwest One 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 Royal Bank of Scotland -Natwest One and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.