Q and A’s regarding the Royal Bank of Scotland Conveyancing Panel from members of the public
My husband and I are buying a 3 bedroom apartment in Hackney with a mortgage from Royal Bank of Scotland. We have a solicitor but Royal Bank of Scotland says she’s not on their "panel". We have to appoint one of the Royal Bank of Scotland panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Royal Bank of Scotland conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Royal Bank of Scotland
Much to my surprise my conveyancing solicitor is asking me for identification documents stating that this is part of his retainer as a solicitor on the Royal Bank of Scotland Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Royal Bank of Scotland also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Royal Bank of Scotland CML Handbook requirements last updated on Royal Bank of Scotland
Your search tool is useful but there are many lawyers listed near Hackney on the Royal Bank of Scotland conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Royal Bank of Scotland approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
We're in Wales, FTBs purchasing with a mortgage (lender is Royal Bank of Scotland , but our lawyer is on the Royal Bank of Scotland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Royal Bank of Scotland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is there a list of Royal Bank of Scotland panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I'm in the process of looking at flats and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage 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 paid off my 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. Am I right?
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.