Scottish Widows Conveyancing Panel : Questions and Answers from members of the public
My financial adviser has informed me that I have to pay Scottish Widows fees should I instruct my family lawyer. How efficient are the Scottish Widows conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Are there any Scottish Widows conveyancers you'd recommend?
Scottish Widows’s conveyancing panel is pretty large so it would be advisable to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Scottish Widows will allow to act for them.
can you help? My solicitor is assuring me that she is duty-bound to order a Local Authority search because the firm are on the Scottish Widows conveyancing panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Scottish Widows your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Scottish Widows’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Scottish Widows. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How up to date is your database of lawyers on the Scottish Widows conveyancing panel? Do Scottish Widows send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Scottish Widows conveyancing panel as opposed to being supplied with a list from Scottish Widows directly.
The lawyers that just started acting on my purchase in Hendon has suddenly closed. I only went with them because I needed a solicitor on the Scottish Widows conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Scottish Widows conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
Is it the case that all conveyancing lawyers on the Scottish Widows conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Is it common for Scottish Widows to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Scottish Widows can revoke their mortgage offer although this is unusual. If Scottish Widows withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Scottish Widows may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
