Examples of recent questions relating to the Scottish Building Society Solicitor Panel
from members of the public
Can you please explain the reason why all property lawyers aren't included on the Scottish Building Society Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Much to my surprise my solicitor has requested from me identification documents asserting that this is part of his requirements as a solicitor on the Scottish Building Society Conveyancing panel. Can you confirm whether this is the case?
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 Scottish Building Society 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 Scottish Building Society CML Handbook requirements last updated on Scottish Building Society
Are the lawyers identified as being on the Scottish Building Society conveyancing panel, together with their details provided by Scottish Building Society?
The law firm practices themselves provide us confirmation that they are on the Scottish Building Society conveyancing panel as opposed to being supplied with a list from Scottish Building Society directly.
I am buying a semi-detached house and getting a mortgage with Scottish Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Scottish Building Society 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 Scottish Building Society conveyancing panel in your location.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Scottish Building Society. 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 Scottish Building Society involved you will need to appoint a solicitor on the Scottish Building Society 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 Scottish Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Scottish Building Society conveyancing panel.
Intending to buy a house with a mortgage with Scottish Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Scottish Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Scottish Building Society conveyancing panel
My brother and I are buying a penthouse in Hendon. Conveyancing solicitors in Hendon are about to begiven the go-ahead. My agentsuggested that we enquire that the conveyancing practitioner in Hendon is on the Scottish Building Society solicitors panel. Surely I don't need to do this, do I?
It is not that case that all Hendon conveyancing solicitors are on the Scottish Building Society conveyancing panel. Use the above search tool to locate a
Hendon conveyancing lawyer on the on the Scottish Building Society solicitors pane.