RBS (One Account) Conveyancing Panel Information

Section 16.2.1 of Part 1 of the Handbook relevant to a solicitor on the RBS (One Account) conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

One might ordinarily expect RBS (One Account) via their Part Two obligations to address this but the Handbook makes no mention on deadlines to send deeds. You need to look at the Terms of RBS (One Account)’s Conveyancing Panel Appointment that you entered into. For a number of banks these Terms include 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 important 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.

You will be aware of the trend in recent years for lenders such as RBS (One Account) to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the RBS (One Account) panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and RBS (One Account) have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires RBS (One Account)’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for RBS (One Account). You will no doubt be required to undertake directly to RBS (One Account)’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the RBS (One Account) conveyancing panel.

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 gone on.

You would be advised to contact RBS (One Account) to obtain standard documents. The CML Handbook incorporates an individual inquiry for banks to reveal who to contact to obtain standard documents. RBS (One Account) in their Part 2’s state: You will need to quote your RBS (One Account) solicitors panel reference.