Lloyds TSB Scotland Conveyancing Panel Information

When a solicitor is acting for both Lloyds TSB Scotland and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Lloyds TSB Scotland and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Lloyds TSB Scotland the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Lloyds TSB Scotland conveyancing panel status.

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 Lloyds TSB Scotland conveyancing panel to see if you are entitled to a reason.

Lloyds TSB Scotland approved panel lawyers are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Lloyds TSB Scotland require, the deed of covenant on their behalf. You will need to check Lloyds TSB Scotland CML Part 2 conditions to see if Lloyds TSB Scotland have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Lloyds TSB Scotland conveyancing panel

CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some Lenders now use the scheme as the starting point for Panel membership such as Santander.

You need to contact Lloyds TSB Scotland to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual section for banks to establish who to contact to obtain standard documents. Lloyds TSB Scotland in their Part 2’s state: You will need to quote your Lloyds TSB Scotland conveyancing panel number.