FAQs : The Royal Bank of Scotland -Natwest One Solicitor Panel from members of the public
I am progressing with the sale of my apartment and the EA has just telephoned to advise that the buyers are changing their property lawyer. The reason given is that Royal Bank of Scotland -Natwest One will only deal with solicitors on their approved list. On what basis would a major mortgage company only deal with specific 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase 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 being contacted daily by practices 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.
Please help. My conveyancer is advising me that he has to order a Local Authority search stemming from the fact that the firm are on the Royal Bank of Scotland -Natwest One approved lawyer panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Royal Bank of Scotland -Natwest One your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Royal Bank of Scotland -Natwest One’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Royal Bank of Scotland -Natwest One. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I note that you have a search directory listing firms on the Royal Bank of Scotland -Natwest One conveyancing panel. Do firms pay you a referral fee if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Royal Bank of Scotland -Natwest One conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
The firm that I appointed last week on my house acquisition in Hendon has without warning shut down. I only went with them because I had to have a lawyer on the Royal Bank of Scotland -Natwest One conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Royal Bank of Scotland -Natwest One conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
Do most lenders 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 Royal Bank of Scotland -Natwest One conveyancing panel requirements are different to Royal Bank of Scotland -Natwest One’s conveyancing panel requirements.
We have agreed a price on a flat I spoke to a lawyer previously used by my mum and he suggested using a property lawyers approved by Royal Bank of Scotland -Natwest One. The estate agent recommended two local firms so I asked Royal Bank of Scotland -Natwest One if the 2 suggested solicitors are approved, which they are not. Royal Bank of Scotland -Natwest One pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Royal Bank of Scotland -Natwest One 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Royal Bank of Scotland -Natwest One to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Royal Bank of Scotland -Natwest One conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Royal Bank of Scotland -Natwest One conveyancing panel as it may only take about 2-3 weeks. As long as they meet Royal Bank of Scotland -Natwest One’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Royal Bank of Scotland -Natwest One. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Royal Bank of Scotland -Natwest One you will need to appoint a solicitor on the Royal Bank of Scotland -Natwest One conveyancing panel.