Royal Bank of Scotland Conveyancing Panel Information

The CML Part II requirements of Royal Bank of Scotland are silent on this. Most lenders address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Royal Bank of Scotland’s interest. To be absolutely sure of Royal Bank of Scotland requirements in this regard please check the Terms and Conditions of Royal Bank of Scotland’s conveyancing panel membership.

You might expect Royal Bank of Scotland via their Part Two obligations to address this but the Handbook is silent on time frames. You need to look at the Terms of Royal Bank of Scotland’s Conveyancing Panel Appointment that you entered into. For many lender's these Terms have a clause along the following lines: ‘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’ It is important to keep Royal Bank of Scotland informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Please tread carefully here as what you are intending may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

With lenders and conveyancers working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Royal Bank of Scotland conveyancing panel but for all mortgage panel listings

The Law Society’s CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their panels. Some mortgage companies now use the scheme as the starting point for Panel approval as is the case with Astra Mortgages.

You need to contact Royal Bank of Scotland to obtain standard documents. The CML Handbook includes a specific inquiry for banks to cite who to contact to obtain standard documents. Royal Bank of Scotland in their Part 2’s state: It helps to quote your Royal Bank of Scotland conveyancing panel number.