Scottish Building Society Conveyancing Panel Recently Asked Questions from members of the public
A lawyer I wanted to use for conveyancing on a remortgage said she will levy higher legal fees if my mortgage is with Scottish Building Society due to their unusual legal requirements. Am I likely to be frustrated using Scottish Building Society? Any comments will be appreciated
Scottish Building Society 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 Scottish Building Society conveyancing panel. If they are not, this does add further risk of delay as Scottish Building Society will appoint their own solicitors to look after their interest.
I am purchasing a new build duplex and my solicitor is advising me that she has to disclose incentives from the builder as her firm is on the Scottish Building Society conveyancing panel. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. Can I insist on an exchange regardless of what my lawyer says about being on the Scottish Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Scottish Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Scottish Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a flat and need a conveyancing solicitor in who is on the Scottish Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Scottish Building Society . We don’t recommend any particular firm.
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Scottish Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Scottish Building Society will insist on your using a conveyancer on the Scottish Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Scottish Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Scottish Building Society mortgage is registered as a charge at the Land Registry.
Do the majority of 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 Scottish Building Society conveyancing panel requirements are different to Scottish Building Society’s conveyancing panel requirements.
My existing mortgage is with Scottish Building Society. My father has just retired and wants to pay off my mortgage. After Scottish Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Scottish Building Society conveyancing panel? I do not intend to live at the property once the Scottish Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Scottish Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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 Building Society 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