RBS (One Account) Conveyancing Panel Information

The Scottish Law Society has suggested that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the RBS (One Account) conveyancing panel. The suggestion arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

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 RBS (One Account) conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

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

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

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

top-up split and history of any refusals

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

List of all solicitors within firm

Number of partners per branch of the firm

Charge registration history

Number of lender conveyancing panels the firm is currently on

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

You might expect RBS (One Account) via their Part Two conditions to address this but the Handbook makes no mention on time frames. You need to look at the Terms of RBS (One Account)’s Conveyancing Panel Appointment that you are bound by. For a number of banks these Terms have a provision along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is imperative to keep RBS (One Account) updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell RBS (One Account) immediately. (b) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in RBS (One Account)’s mortgage offer are correct. If they are not, please let RBS (One Account) know as soon as possible as it will be necessary for RBS (One Account) to check with the valuer whether the valuation needs to be revised. RBS (One Account) conveyancing panel solicitors are not expected to assume the role of valuer. RBS (One Account) are simply trying to ensure that the valuer has valued the property based on correct information. (III) RBS (One Account) recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. RBS (One Account) recommend that, if we send a copy of a valuation report that RBS (One Account) have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from RBS (One Account) or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the RBS (One Account) conveyancing panel

It would be advisable to 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 adversely impact your firm’s application but gives the CQS team viability as to what has happened.

You need to contact RBS (One Account) to obtain standard documents. The CML Handbook has an explicit question for banks to establish who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: It is likely that you will need to quote your RBS (One Account) conveyancing panel number.