Scottish Building Society Conveyancing Panel Information

We are not aware of any intention on the part of the CML to develop such a register.

The requirements to join the Scottish Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Scottish Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

Assuming that your firm in is on the Scottish Building Society 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 Scottish Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Scottish Building Society’s specific requirements. Notwithstanding whether Scottish Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Scottish Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

The best placed professionals to answer this question are your insurance brokers. 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 would be advised to contact Scottish Building Society to obtain standard documents. The CML Handbook includes a specific inquiry for banks to establish who to contact to obtain standard documents. Scottish Building Society in their Part 2’s state: Don’t forget to quote the firm’s Scottish Building Society conveyancing panel reference.