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approved by BankOfScotlandPrivate
Ready to buy a new home? Failing to check that a lawyer is on the BankOfScotlandPrivate list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Bank of Scotland Private Banking Conveyancing Panel
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On what basis would a firm of solicitors be excluded from the Bank of Scotland Private solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Bank of Scotland Private
My lawyer has uncovered a difference when comparing the assumptions in Bank of Scotland Private’s home valuation report and what is revealed within the conveyancing documents. My lawyer has advised that as he is on the Bank of Scotland Private conveyancing panel he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
A precondition to being on the Bank of Scotland Private approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Scotland Private) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Bank of Scotland Private conveyancing panel?
The firms themselves provide us confirmation that they are on the Bank of Scotland Private conveyancing panel as opposed to being supplied with a list from Bank of Scotland Private directly.
The solicitors that just started acting on my house acquisition in Brighton has without warning closed. I only went with them because I had to have a firm on the Bank of Scotland Private conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Scotland Private conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Bank of Scotland Private conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Bank of Scotland Private on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Bank of Scotland Private conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Bank of Scotland Private panel she or he must comply with the CML Handbook requirements for Bank of Scotland Private. Unless your lawyer obtains specific confirmation in writing that Bank of Scotland Private will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Bank of Scotland Private to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
After shopping around on the internet I have found a solicitor having made sure that they are on the Bank of Scotland Private conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Bank of Scotland Private conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Bank of Scotland Private will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Scotland Private will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Bank of Scotland Private you could contact your them to see if they have a list of approved surveyors.