RBS (One Account) Conveyancing Panel Information

When a solicitor is acting for both RBS (One Account) 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 RBS (One Account) and it may well be prudent you to cease to act for the purchaser as well. You can not tell the RBS (One Account) 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 RBS (One Account) conveyancing panel status.

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. First, 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 structural 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

RBS (One Account) approved panel lawyers have to comply with the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if RBS (One Account) require, the deed of covenant on their behalf. You will need to check RBS (One Account) CML Part 2 conditions to see if RBS (One Account) have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the RBS (One Account) conveyancing panel

7 consumers search for a solicitor on the RBS (One Account) panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be listed by those searching for conveyancing in Hendon.

You should 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 CQS team viability as to what has occured.

You should get in touch with RBS (One Account) to obtain standard documents. The CML Handbook has a specific question for banks to enumerate who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Always remember to quote your RBS (One Account) solicitors panel reference.