RBS (One Account) Conveyancing Panel Information

Section 16.2.1 of Part 1 of the Handbook applicable to a solicitor on the RBS (One Account) 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’.

Many estate agents will be suffering if their clients start out on the buying process having appointed 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 .

The Council of Mortgage Lender requirements of RBS (One Account) are silent on this. Most mortgage companies address the question 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 (One Account)’s interest. To be absolutely sure of RBS (One Account) requirements in this regard please check the Terms and Conditions of RBS (One Account)’s conveyancing panel appointment.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the RBS (One Account) conveyancing panel to see if you are entitled to a reason.

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

You would be advised to communicate with RBS (One Account) to obtain standard documents. The CML Handbook includes an express inquiry for banks to set out who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Please remember to disclose the firm’s RBS (One Account) solicitors panel number.