Royal Bank of Scotland -Natwest One Conveyancing Panel Information

Many estate agents will be feeling the pain 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 solicitors .

The Council of Mortgage Lender requirements of Royal Bank of Scotland -Natwest One are silent on this. Most mortgage companies deal with the issue of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Royal Bank of Scotland -Natwest One’s interest. To be absolutely sure of Royal Bank of Scotland -Natwest One requirements in this regard please check the Terms and Conditions of Royal Bank of Scotland -Natwest One’s conveyancing panel appointment.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Royal Bank of Scotland -Natwest One conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Number of partners per branch of the firm

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

conveyancer client account(s) details

Summary of annual accounts

Details of any accreditation e.g. Lexcel or

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

Whether any lender has ever made a claim against the firm’s PII cover

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

Full complaints history for each conveyancing solicitor

List of all those who fund the firm, including non-lawyers if applicable

When a solicitor is acting for both Royal Bank of Scotland -Natwest One 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 Royal Bank of Scotland -Natwest One and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Royal Bank of Scotland -Natwest One 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 Royal Bank of Scotland -Natwest One conveyancing panel status.

CQS membership 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 Lenders now use CQS as the starting point for Panel membership such as Santander.

You would be advised to contact Royal Bank of Scotland -Natwest One to obtain standard documents. The The Council of Mortgage Lenders 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: It helps to disclose your Royal Bank of Scotland -Natwest One conveyancing panel reference.