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FAQs : The Lloyds TSB Scotland Conveyancing Panel
I am progressing with the sale of my maisonette and the estate agent has just called to advise that the buyers are appointing a new solicitor. I am told that this is due to the fact that Lloyds TSB Scotland will only engage with solicitors on their approved list. Why would a major lender only work with certain law firms?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our lawyer has identified a legal deficiency with the lease for the flat we are purchasing. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the Lloyds TSB Scotland conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Lloyds TSB Scotland?
Just because you have a mortgage offer from Lloyds TSB Scotland does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Lloyds TSB Scotland are the client. The appropriate lender requirements must be adhered to by the Lloyds TSB Scotland conveyancing panel who has to balance acting for you and Lloyds TSB Scotland
I see that you have a search directory listing law firms on the Lloyds TSB Scotland conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds TSB Scotland conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My grandmother passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Lloyds TSB Scotland , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Lloyds TSB Scotland will insist on your using a conveyancer on the Lloyds TSB Scotland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds TSB Scotland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds TSB Scotland mortgage is registered as a charge at the Land Registry.
Do conveyancing solicitors on the Lloyds TSB Scotland conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
is it true that all conveyancing solicitors on the Lloyds TSB Scotland conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Lloyds TSB Scotland conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Intending to buy a flat with a mortgage with Lloyds TSB Scotland. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds TSB Scotland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Lloyds TSB Scotland conveyancing panel
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