Scottish Building Society Conveyancing Panel Information

The CLC has initiated 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. We expect that that the CLC have been in touch with lenders such as Scottish Building Society since 2008 which is when lenders started being more restrictive.

There are many reports available, five of which are as follows:

• Current and historic missed priority dates
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Evidence of undertaking logs
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)
• Average time frame to send deeds to the lender (calculated from completion date or title registration)

Scottish Building Society approved solicitors have to comply with the Part II 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 Scottish Building Society require, the deed of covenant on their behalf. You will need to check Scottish Building Society CML Part 2 conditions to see if Scottish Building Society 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 Scottish Building Society conveyancing panel

10 borrowers search for a conveyancer on the Scottish Building Society panel each month in Hendon. The lenderpanel directory service team who will show you how your firm can be identified by those searching for conveyancing in Hendon.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Scottish Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Scottish Building Society to obtain standard documents. The CML Handbook incorporates a specific section for banks to set out who to contact to obtain standard documents. Scottish Building Society in their Part 2’s state: Always remember to quote the firm’s Scottish Building Society conveyancing panel reference.