Bank of Scotland Conveyancing Panel Information

Lexsure only know of two or three banks that operate a separate approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Bank of Scotland. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Bank of Scotland

In the same way that there is a unique Bank of Scotland conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

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. (I) 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 Bank of Scotland immediately. (b) 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 Bank of Scotland’s mortgage offer are correct. If they are not, please let Bank of Scotland know as soon as possible as it will be necessary for Bank of Scotland to check with the valuer whether the valuation needs to be revised. Bank of Scotland conveyancing panel solicitors are not expected to assume the role of valuer. Bank of Scotland are simply trying to ensure that the valuer has valued the property based on correct information. (III) Bank of Scotland 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. Bank of Scotland recommend that, if we send a copy of a valuation report that Bank of Scotland 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 report or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Bank of Scotland 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 Bank of Scotland conveyancing panel

In the circumstances please explain on the form what action you have taken to find out the reasons behind cancellation of your Bank of Scotland panel membership. 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 would be advised to get in touch with Bank of Scotland to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit section for lenders to enumerate who to contact to obtain standard documents. Bank of Scotland in their Part 2’s state: It helps to disclose your Bank of Scotland conveyancing panel reference.