Royal Bank of Scotland -Natwest One Conveyancing Panel Information

Lexsure only know of a couple of banks that operate a separate conveyancing panel where the mortgage advance is over a certain amount. You should nevertheless check directly with Royal Bank of Scotland -Natwest One. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Royal Bank of Scotland -Natwest One

In operating open conveyancing panels, lenders such as Royal Bank of Scotland -Natwest One face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

Royal Bank of Scotland -Natwest One and other lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

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

5 potential conveyancing clients attempt to locate a solicitor on the Royal Bank of Scotland -Natwest One panel on a monthly basis in Hendon. Feel free to contact the Lexsure team who will tell how your firm can be found by those searching for conveyancing in Hendon.

The Law Society’s CQS accreditation is no guarantee to lender panel acceptance. Nevertheless the CML have indicated that it is likely to become a prerequisite for firms wishing to join their approved list of conveyancing solicitors. Some mortgage companies now use CQS as the starting point for Panel membership such as Astra Mortgages.

You would be advised to get in touch with Royal Bank of Scotland -Natwest One to obtain standard documents. The CML Handbook has a specific section for banks to cite who to contact to obtain standard documents. Royal Bank of Scotland -Natwest One in their Part 2’s state: You will need to disclose the firm’s Royal Bank of Scotland -Natwest One solicitors panel number.