Scottish Building Society Conveyancing Panel Information

The requirements to join the Scottish Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Scottish Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

Whether the firm has ever applied for accreditation and the outcome of the application

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of management)

Full complaints history for each conveyancing solicitor

Charge registration history

Whether any lender has ever made a claim against the firm’s PII cover

Summary of annual accounts

Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers

Full disciplinary history for each conveyancing solicitor

List of fee-earners who are foreign qualified

One might ordinarily expect Scottish Building Society via their Part 2 obligations to address this but the Handbook makes no mention on time frames. You need to look at the Terms of Scottish Building Society’s Conveyancing Panel Appointment that you entered into. For a number of banks these Terms contain a provision such as: ‘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 Scottish Building Society updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

During 2013, 213 sections of the UK Finance Lenders’ Handbook P2 were changed by Scottish Building Society. Some changes are more important than others but as a firm on the Scottish Building Society 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.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Scottish Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to contact Scottish Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific question for banks to enumerate who to contact to obtain standard documents. Scottish Building Society in their Part 2’s state: Please remember to quote the firm’s Scottish Building Society conveyancing panel number.