Royal Bank of Scotland -Natwest One Conveyancing Panel Information

Section 16.2.1 of the UK Finance Lenders’ Handbook applicable to a solicitor on the Royal Bank of Scotland -Natwest One conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

In order to be on the Royal Bank of Scotland -Natwest One conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Royal Bank of Scotland -Natwest One) are as follows:

• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.

When a solicitor is acting for both Royal Bank of Scotland -Natwest One and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Royal Bank of Scotland -Natwest One and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Royal Bank of Scotland -Natwest One the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Royal Bank of Scotland -Natwest One conveyancing panel status.

You will be aware of the trend in recent years for lenders such as Royal Bank of Scotland -Natwest One to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Royal Bank of Scotland -Natwest One panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Royal Bank of Scotland -Natwest One have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Royal Bank of Scotland -Natwest One’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Royal Bank of Scotland -Natwest One. You will no doubt be required to undertake directly to Royal Bank of Scotland -Natwest One’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Royal Bank of Scotland -Natwest One conveyancing panel.

CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some Lenders now use the scheme as the starting point for Panel membership as is the case with Santander.

You would be advised to get in touch with Royal Bank of Scotland -Natwest One to obtain standard documents. The CML Handbook has an express section for lenders to set out who to contact to obtain standard documents. Royal Bank of Scotland -Natwest One in their Part 2’s state: You will need to quote the firm’s Royal Bank of Scotland -Natwest One conveyancing panel reference.