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RBS (One Account) Solicitor Panel: Recently Asked Questions
Is it the case that the Law Society has advised that firms check their status on the
RBS (One Account) conveyancing panel?
The Law Society of Scotland has suggested that solicitors should check their lender panel status before accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the
RBS (One Account) conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include moneysavingexpert.com
A recent SRA survey reveals that 76% of
solicitors have been removed from a lender conveyancing panel. RBS (One Account) and other lenders have restricted their panel over
the years. Why?
In operating open conveyancing panels, lenders such as RBS (One Account)
face a number of fraud and negligence risks. While
there is no authoritative source of data on lender exposure to
solicitor–led mortgage fraud, anecdotal evidence from lenders
indicates exposure on individual cases are often in the millions of
pounds. The National Fraud Authority estimates that £1bn per year is
lost in mortgage -related frauds in total, which is seen as a
conservative estimate.
These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.
RBS (One Account) and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.
What is the CLC doing to ensure that licensed conveyancers remain on lender conveyancing panels?
As is the case with the Law Society the CLC has begun discussions with lenders 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. It is likely that that the CLC have been in touch with lenders such as
RBS (One Account) since 2008 which is when lenders started being more restrictive.
Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the RBS (One Account) conveyancing panel?
In order to be on the RBS (One Account) 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 RBS (One Account)) are as follows:
- If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
- To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
- 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 keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of 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.
I have read a number of legal articles recently about firms being sued for non-compliance with Part 2 requirements . I am on the
RBS (One Account) conveyancing panel can you tell me how Part 2 changes took place by
RBS (One Account) during 2013?
During 2013, 119 sections of the UK Finance Lenders’ Handbook P2 were changed by
RBS (One Account). Some changes are more important than others but as a firm on the
RBS (One Account) conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.
Remember: CML requirements are not guidelines; they are the lender client’s instructions.
my firm’s membership of the
RBS (One Account) conveyancing panel was terminated but was reinstated on appeal, do I need to include these details on my application for CQS accreditation?
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 adversely impact your firm’s application but gives the CQS team viability as to what has gone on.
I am on the
RBS (One Account)
conveyancing panel and scheduled to complete a remortgage within the next few weeks. I dont have a Mortgage Deed for the client to sign.
Who do I contact at RBS (One Account) to request substitute deeds?
You need to communicate with RBS (One Account)
to obtain standard documents. The CML Handbook incorporates an individual question for banks to cite who to contact to obtain standard documents.
RBS (One Account) in their Part 2’s state:
Always remember to quote the firm’s RBS (One Account) solicitors panel reference.
Find a Lawyer on the RBS (One Account) Solicitor Panel
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Average number of days to register title including a charge in favour of RBS (One Account)
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited RBS (One Account) Firms
- Draft Report on Title precedent for RBS (One Account) borrowers
- Draft Anti Money Laundering PolicyTemplate for RBS (One Account) panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the RBS (One Account) lender panel
- Buy-to-Let help for RBS (One Account)
- Consent-to-Let help for RBS (One Account)
- Contractor Mortgages with RBS (One Account)
