FAQs for the Royal Bank of Scotland Solicitor Panel from members of the public
Is there a reason why all UK lawyers aren't included on the Royal Bank of Scotland Solicitor panel?
Royal Bank of Scotland and other mortgage companies normally imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Royal Bank of Scotland. What risks do Royal Bank of Scotland expect the insurance to cover?
Any lawyer on the Royal Bank of Scotland conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Royal Bank of Scotland’s Part 2 requirements of the CML Handbook (last updated on Royal Bank of Scotland). Being on the Royal Bank of Scotland conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a search directory identifying law firms on the Royal Bank of Scotland conveyancing panel. Do firms pay you a commission if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Royal Bank of Scotland conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am buying a garden flat and getting a mortgage with Royal Bank of Scotland. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Royal 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 Royal Bank of Scotland conveyancing panel in your location.
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 conveyancing panel requirements are different to Royal Bank of Scotland’s conveyancing panel criteria.
My fiance and I are at the point of looking at flats and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Royal Bank of Scotland
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Royal Bank of Scotland , make sure you remember to check that your lawyer is on the Royal Bank of Scotland conveyancing panel.
I have today made my last payment due on mortgage with Royal Bank of Scotland. I assume I don't need a solicitor on the Royal Bank of Scotland panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Royal Bank of Scotland mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Royal Bank of Scotland mortgage from the register. Royal Bank of Scotland,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Royal Bank of Scotland has sent the Land Registry the discharge electronically, and
the Royal Bank of Scotland has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Royal Bank of Scotland mortgage has been paid off.
