RBS- First Active Conveyancing Panel Information

The CML Part II requirements of RBS- First Active are silent on this. Most lenders address the issue of file retention via their Terms and Conditions where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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.

You might expect RBS- First Active via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of RBS- First Active’s Conveyancing Panel Appointment that you entered into. For many lender's these Terms contain a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep RBS- First Active informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with RBS- First Active as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from RBS- First Active we suggest that you call RBS- First Active to check the position.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell RBS- First Active immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in RBS- First Active’s mortgage offer are correct. If they are not, please let RBS- First Active know as soon as possible as it will be necessary for RBS- First Active to check with the valuer whether the valuation needs to be revised. RBS- First Active conveyancing panel solicitors are not expected to assume the role of valuer. RBS- First Active are simply trying to ensure that the valuer has valued the property based on correct information. (c) RBS- First Active recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. RBS- First Active recommend that, if we send a copy of a valuation report that RBS- First Active have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from RBS- First Active or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the RBS- First Active conveyancing panel

In this situation please clarify on the form 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 cessation of your panel membership did you receive any letters or calls from the lender informing you as to why they reached this decision?

You need to contact RBS- First Active to obtain standard documents. The CML Handbook has a specific section for lenders to cite who to contact to obtain standard documents. RBS- First Active in their Part 2’s state: It helps to quote your RBS- First Active solicitors panel reference.