Frequently asked questions relating to the Scottish Building Society Solicitor Panel
from members of the public
I appointed a firm of solicitors to conveyancing on my remortgage three weeks ago having applied for a mortgage with Scottish Building Society. The solicitors confirmed to me that they are on Scottish Building Society conveyancing panel and advised me their panel number. Scottish Building Society then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Scottish Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Scottish Building Society as to the time frame to get your lawyer reinstated on the panel once again.
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Scottish Building Society was issued random date and we have agreed a date for me to move into the property on Tues etc. My solicitor says that as she is on the Scottish Building Society conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Scottish Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Scottish Building Society)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Scottish Building Society.
I am buying a property and need a conveyancing solicitor in Newcastle who is on the Scottish Building Society approved. Can you recommend a local conveyancing firm?
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 lawyers in Liverpool have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Scottish Building Society. Is it case that being on the Scottish Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Scottish Building Society Conveyancing Panel Terms. It might be worth you contacting Scottish Building Society directly.
is it true that all solicitors on the Scottish Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Scottish Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Scottish Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Scottish Building Society or your broker and complete any relevant paperwork. Scottish Building Society will tell you what documents they want. Scottish Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Scottish Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Scottish Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Scottish Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Scottish Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.