RBS (One Account) Conveyancing Panel Information

Many estate agents will be feeling the pain if their clients start out on the conveyancing process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

There are many reports available, five of which are as follows:

• Analysis as to the nature of clients (e.g.existing/new/seen in person)
• Buy to Let transactions
• Evidence of undertaking logs
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Current and historic missed priority dates

You have a number of obligations in this regard which are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) 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 (One Account) 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 (One Account)’s mortgage offer are correct. If they are not, please let RBS (One Account) know as soon as possible as it will be necessary for RBS (One Account) to check with the valuer whether the valuation needs to be revised. RBS (One Account) conveyancing panel solicitors are not expected to assume the role of valuer. RBS (One Account) are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, RBS (One Account) 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 (One Account) recommend that, if we send a copy of a valuation report that RBS (One Account) 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 (One Account) 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 (One Account) conveyancing panel

It would be advisable to supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not adversely impact your firm’s application but gives the Law Society viability as to what has occured.

You should contact RBS (One Account) to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit inquiry for lenders to establish who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Don’t forget to disclose the firm’s RBS (One Account) conveyancing panel number.