RBS (One Account) Conveyancing Panel Information

The CML, along with RBS (One Account) and other stakeholders created a standard set of requirements where a conveyancer is acting for a lender such as RBS (One Account) alone in a residential conveyancing matter. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed in conjunction with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancer for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel lawyer.

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.

You might expect RBS (One Account) via their Part Two obligations to address this but the Handbook is silent on deadlines to send deeds. You need to look at the Terms of RBS (One Account)’s Conveyancing Panel Appointment that you previously signed. For a number of banks these Terms have a clause 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) informed. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

In order to be on the RBS (One Account) conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily RBS (One Account)) are as follows:

• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• To carry out our instructions with reasonable care and skill, ensuring that all employees carrying out mortgage work on our behalf are qualified and competent to do so
• To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
• 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.)
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.

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 Law Society viability as to what has occured.

You need to get in touch with RBS (One Account) to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific inquiry for banks to enumerate who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: Always remember to disclose the firm’s RBS (One Account) conveyancing panel reference.