Scottish Building Society Conveyancing Panel Information

The criteria 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 CLC has begun dialogue 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 in recent years.

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

• 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)
• Evidence of undertaking logs
• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Current and historic missed priority dates

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Scottish Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Scottish Building Society we suggest that you call Scottish Building Society to check the position.

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 would be advised to communicate with Scottish Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit section for banks to cite who to contact to obtain standard documents. Scottish Building Society in their Part 2’s state: Don’t forget to quote your Scottish Building Society conveyancing panel reference.