RBS (One Account) Conveyancing Panel Information

RBS (One Account) make no specific obligation to carry out any of the searches listed. The UK Finance Lenders’ Handbook simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as RBS (One Account) are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check Part 2 of UK Finance Lenders’ Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one. Does your ROT and Ts and Cs cover this?

One search provider lists over 65 conveyancing searches – do you know what all of them are and when they may be relevant? If you are unsure as to which searches are appropriate based on location contact your search provider or call one of the leading search companies such as Searchflow.

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.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) 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. (b) 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. (c) 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 report 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

On the basis that your firm in is on the RBS (One Account) conveyancing panel and you are acting for 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 negatively affect your firm’s application but gives the CQS team viability as to what has happened.

You would be advised to get in touch with RBS (One Account) to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for banks to establish who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Always remember to disclose your RBS (One Account) solicitors panel reference.