Scottish Building Society Conveyancing Panel Information

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.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Scottish Building Society conveyancing panel to see if you are entitled to a reason.

Given 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.

With lenders and conveyancing firms 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 Scottish Building Society conveyancing panel but for all mortgage panel listings

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 should get in touch with Scottish Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express question for banks to set out who to contact to obtain standard documents. Scottish Building Society in their Part 2’s state: Don’t forget to disclose the firm’s Scottish Building Society conveyancing panel reference.