Bank of Scotland Conveyancing Panel Information

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

• Disclosure/Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
• Average time frame to send deeds to the lender (calculated from completion date or title registration)
• Average mortgage advance
• Evidence of undertaking logs
• The percentage of the firm’s business which is conveyancing (broken down into sale/purchase and remortgage)

In order to be on the Bank of 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 Bank of 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
• 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.
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• To quote on all communications with us relating to deeds/registration issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

Bank of Scotland approved panel lawyers have to comply with the Part II 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 Bank of Scotland require, the deed of covenant on their behalf. You will need to check Bank of Scotland CML Part 2 conditions to see if Bank of 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 Bank of Scotland conveyancing panel

With lenders and conveyancing firms working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Bank of Scotland conveyancing panel but for all bank panels

In the circumstances please explain on the form what action you have taken to find out the reasons behind cancellation of your Bank of Scotland panel status. In particular please provide details if you have received communications from the lender. E.G. before revocation of your panel membership did you receive any letters or calls from the lender advising you as to their reasons?

You would be advised to contact Bank of Scotland to obtain standard documents. The CML Handbook has an individual inquiry for lenders to establish who to contact to obtain standard documents. Bank of Scotland in their Part 2’s state: Always remember to quote the firm’s Bank of Scotland conveyancing panel reference.