RBS (One Account) Conveyancing Panel Information

The fact of the matter is that estate agents will be feeling the pain if their clients start out on the buying process having appointed 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 CML Part II requirements of RBS (One Account) are silent on this. Most mortgage companies address the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for a minimum six 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 RBS (One Account)’s interest. To be absolutely sure of RBS (One Account) requirements in this regard please check the Terms and Conditions of RBS (One Account)’s conveyancing panel appointment.

You need to be careful here as what you are proposing may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty 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 conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

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.

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 negatively affect your firm’s 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 has an individual inquiry for banks to enumerate who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Don’t forget to quote the firm’s RBS (One Account) solicitors panel reference.