RBS (One Account) Conveyancing Panel Information

The CML is not a regulator and therefore cannot advise on complaints against lenders. You can of course contact Lexsure to see if we can assist.

This not something that the CML would traditionally get involved with however they do organise a number of useful legal related conferences which are attended by firms on the RBS (One Account) conveyancing panel. Lexsure intend to run specific lender focused seminars in the coming months including a webinar on RBS (One Account)’s Part 2 requirements. Practitioners on the RBS (One Account) conveyancing panel are welcome. Information about the webinar will be communicated as part of the LENDERmonitor Alerts.

The CLC has entered dialogue with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as RBS (One Account) in recent years.

You will be aware of the trend in recent years for lenders such as RBS (One Account) 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 RBS (One Account) panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and RBS (One Account) 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 RBS (One Account)’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 RBS (One Account). You will no doubt be required to undertake directly to RBS (One Account)’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 RBS (One Account) conveyancing panel.

We would recommend that you 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 happened.

You should get in touch with RBS (One Account) to obtain standard documents. The The Council of Mortgage Lenders Handbook has an explicit question for banks to set out who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: You will need to quote your RBS (One Account) solicitors panel number.