RBS (One Account) Conveyancing Panel Information

We can't comment specifically on RBS (One Account). Many major lenders are now introducing ‘file auditing’ as standard practice in relation to completed matters. This raises questions of confidentiality in relation to the buyer client and the purpose to which the results of such audits will be put. The starting point is to remember that the file does not belong to your firm, it belongs to the ‘client’. But, of course, we will normally have two clients – the buyer and the lender - and you will owe a duty of confidentiality to each. So basically, you have to separate the file and just send the lender the parts solely relating to themselves. But, of course, as this will basically be correspondence with the lender, mortgage instructions etc.

Check with your COLP but a firm should not send the complete conveyancing file without the buyer client’s express consent – and if he is in arrears with the lender she is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.

The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, [2010] EWHC 3054 (Ch) indicates that such provisions are valid. Please click here for more information about that case.

The majority of 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.

Please tread carefully here as what you are intending may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

During 2013, 119 sections of the UK Finance Lenders’ Handbook P2 were changed by RBS (One Account). Some changes are more important than others but as a firm on the RBS (One Account) conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

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 adversely impact your application but gives the CQS team viability as to what has gone on.

You would be advised to get in touch with RBS (One Account) to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an explicit section for banks to cite who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: It helps to quote the firm’s RBS (One Account) conveyancing panel reference.