RBS- First Active Conveyancing Panel Information

The CML Part II requirements of RBS- First Active are silent on this. Most mortgage companies deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect RBS- First Active’s interest. To be absolutely sure of RBS- First Active requirements in this regard please check the Terms and Conditions of RBS- First Active’s conveyancing panel acceptance.

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the RBS- First Active conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

and Conveyancing Quality Scheme

List of all those who fund the firm, including non-lawyers if applicable

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

Whether any lender has ever made a claim against the firm’s PII cover

List of all solicitors within firm

List of fee-earners who are foreign qualified

Full complaints history for each licensed conveyancer

Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.

Assuming that your firm in is on the RBS- First Active conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If RBS- First Active are to lend, they may require indemnity insurance. In any event,you will need to check RBS- First Active’s specific requirements. Notwithstanding whether RBS- First Active will lend in such circumstances you still need to advise the borrower (unless you are acting for RBS- First Active alone) as to the risks of buying a property with an insolvent or absentee freeholder.

In the circumstances please clarify on the application what action you have taken to discover the reasons behind cancellation of your RBS- First Active panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You need to contact RBS- First Active to obtain standard documents. The CML Handbook includes an express section for lenders to establish who to contact to obtain standard documents. RBS- First Active in their Part 2’s state: Please remember to disclose your RBS- First Active conveyancing panel reference.