RBS (One Account) 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 RBS (One Account) 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

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

Charge registration history

List of all solicitors within firm

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of ownership)

Number of lender conveyancing panels the firm is currently on

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

Whether the firm has ever applied for accreditation and the outcome of the application

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

top-up split and history of any refusals

In operating open conveyancing panels, lenders such as RBS (One Account) 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.

RBS (One Account) 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.

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with RBS (One Account) as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from RBS (One Account) we suggest that you call RBS (One Account) to check the position.

RBS (One Account) 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 RBS (One Account) require, the deed of covenant on their behalf. You will need to check RBS (One Account) CML Part 2 conditions to see if RBS (One Account) 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 RBS (One Account) conveyancing panel

You should supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your application but gives the Law Society viability as to what has happened.

You need to communicate with RBS (One Account) to obtain standard documents. The CML Handbook includes an express inquiry for banks to establish who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Please remember to disclose your RBS (One Account) conveyancing panel reference.