Bank of Scotland Private Conveyancing Panel Information

The Council of Mortgage Lenders, together with Bank of Scotland Private and other stakeholders developed a standard set of requirements where a conveyancer is acting for a lender such as Bank of Scotland Private alone in a residential conveyancing matter. These obligations are contained at Part Three of the UK Finance Lenders’ Handbook and are to be read together with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s lawyer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

The fact of the matter is that estate agents will be suffering if their clients start out on the buying process using a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Bank of Scotland Private immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Bank of Scotland Private’s mortgage offer are correct. If they are not, please let Bank of Scotland Private know as soon as possible as it will be necessary for Bank of Scotland Private to check with the valuer whether the valuation needs to be revised. Bank of Scotland Private conveyancing panel solicitors are not expected to assume the role of valuer. Bank of Scotland Private are simply trying to ensure that the valuer has valued the property based on correct information. (III) Bank of Scotland Private recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Bank of Scotland Private recommend that, if we send a copy of a valuation report that Bank of Scotland Private have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Bank of Scotland Private or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Bank of Scotland Private conveyancing panel

With lenders and conveyancers working so closely with one another 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 Bank of Scotland Private conveyancing panel but for all mortgage panel listings

You should supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society a complete picture of what has gone on.

You would be advised to get in touch with Bank of Scotland Private to obtain standard documents. The CML Handbook contains a specific inquiry for lenders to enumerate who to contact to obtain standard documents. Bank of Scotland Private in their Part 2’s state: It helps to quote your Bank of Scotland Private conveyancing panel number.