Lloyds TSB Scotland Conveyancing Panel Information

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Lloyds TSB Scotland conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of fee-earners who are foreign qualified

Full career history for each solicitor including admission date to the relevant Law Society

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

Structure of firm and, where applicable, its group

House price discrepancies (declared to lender vs. registered at Land Registry)

The percentage of the firm’s business which is conveyancing (broken down into sale

Solicitor

Charge registration history

List of all those staff who work within the conveyancing team

Full complaints history for each conveyancing solicitor

As is the case with the Law Society the CLC has entered discussions 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. It is likely that that the CLC have been in touch with lenders such as Lloyds TSB Scotland since 2008 which is when lenders started being more restrictive.

In order to be on the Lloyds TSB Scotland conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Lloyds TSB Scotland) are as follows:

• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
• To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.

The Law Society’s CQS accreditation gives no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of conveyancing solicitors. A number of mortgage companies now use CQS as the starting point for Panel approval such as Santander.

You should communicate with Lloyds TSB Scotland to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual inquiry for lenders to cite who to contact to obtain standard documents. Lloyds TSB Scotland in their Part 2’s state: It is likely that you will need to disclose your Lloyds TSB Scotland conveyancing panel reference.