Scottish Widows Conveyancing Panel Information

No such training is arranged by the CML although they do provided a number of useful legal related conferences which are attended by firms on the Scottish Widows conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Scottish Widows’s Part 2 requirements. Law firms on the Scottish Widows conveyancing panel will be invited. Information about the webinar will be communicated as part of the LENDERmonitor P2 change Notifications.

The CML Part II requirements of Scottish Widows 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 Scottish Widows’s interest. To be absolutely sure of Scottish Widows requirements in this regard please check the Terms and Conditions of Scottish Widows’s conveyancing panel appointment.

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 Widows conveyancing panel to see if you are entitled to a reason.

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

In the circumstances please explain on the form what action you have taken to find out the reasons behind cancellation of your Scottish Widows panel membership. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You should contact Scottish Widows to obtain standard documents. The CML Handbook contains an express section for banks to cite who to contact to obtain standard documents. Scottish Widows in their Part 2’s state: Always remember to quote the firm’s Scottish Widows solicitors panel reference.