RBS (One Account) Conveyancing Panel Information

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:

• 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.
• 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.)
• 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

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with RBS (One Account) as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from RBS (One Account) we suggest that you call RBS (One Account) to check the position.

The answer to this question really depends on the reason that your firm has been removed off the RBS (One Account) conveyancing panel. The top 3 reasons are as follows:

1. lack of transactions
2. the lawyer is a sole practitioner
3. as part of the HSBC panel reduction.

In these three circumstances it is unlikely that you would expected to take any action. Disclosure and other compliance considerations are more likely to be relevant if the reason for removal is due to breaches of lender requirements or allegations of fraud or negligence. Whether the reasoning should trigger a disclosable 'material' breach will depend on the firm and the circumstances around possible failures to comply with the SRA Authorisation Rules, and the SRA will judge each case on its own merits. Factors such as the detriment or risk of detriment to clients, the scale of the issue and overall impact on the firm will need to be considered in deciding whether a failure is 'material'. As the COLP you will need systems to identify patterns of breaches. Even if you don't consider there to be regulatory implications the firms COFA should give some thought to whether she/he needs to take any action as result of being removed from the RBS (One Account) conveyancing panel.

Assuming that your firm in is on the RBS (One Account) conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If RBS (One Account) are to lend, they may require indemnity insurance. In any event,you will need to check RBS (One Account)’s specific requirements. Notwithstanding whether RBS (One Account) will lend in such circumstances you still need to advise the borrower (unless you are acting for RBS (One Account) alone) as to the risks of buying a property with an insolvent or absentee freeholder.

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 Law Society a complete picture of what has occured.

You should get in touch with RBS (One Account) to obtain standard documents. The CML Handbook includes an express question for banks to set out who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Don’t forget to quote your RBS (One Account) conveyancing panel number.