RBS (One Account) Conveyancing Panel Information

When a solicitor is acting for both RBS (One Account) 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 RBS (One Account) and it may well be prudent you to cease to act for the purchaser as well. You can not tell the RBS (One Account) 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 RBS (One Account) conveyancing panel status.

RBS (One Account) approved solicitors are bound by 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

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

With banks and conveyancers working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the RBS (One Account) conveyancing panel but for all bank panel listings

We would recommend that you 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 Law Society viability as to what has happened.

You should contact RBS (One Account) to obtain standard documents. The CML Handbook incorporates an individual question for banks to set out who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Please remember to quote the firm’s RBS (One Account) solicitors panel reference.