Find a Law Firm
approved by Scottish BS
Ready to buy a new home? Failing to check that a lawyer is on the Scottish BS list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the Scottish Building Society Conveyancing Panel? How can my firm be reinstated onto the Scottish Building Society Conveyancing Panel?Find an Approved Solicitor on the Scottish Building Society Conveyancing Panel
Scottish Building Society Conveyancing Panel : Questions and Answers
I appointed a solicitor to conveyancing on my remortgage 4 weeks ago having applied for a mortgage with Scottish Building Society. The firm reassured me that they are on Scottish Building Society conveyancing panel and gave me their panel number. Scottish Building Society then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Scottish Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Scottish Building Society as to the time frame to get your lawyer reinstated on the panel once again.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Scottish Building Society will not agree to this. Why was Scottish Building Society even consulted?
Your lawyer being on the Scottish Building Society conveyancing panel is duty bound to inform Scottish Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Scottish Building Society then they would have to discontinue acting for you and Scottish Building Society.
I note that you have a search directory listing law firms on the Scottish Building Society conveyancing panel. Do firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Scottish Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am selling my house. Does my solicitor have to be on the Scottish Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Scottish Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I am about to exchange contracts on a purchase with a mortgage from Scottish Building Society. The report from my solicitor mentions that Scottish Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Scottish Building Society can withdraw their mortgage offer although this rarely happens. should Scottish Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Scottish Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Scottish Building Society of a change in security address
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I'm at the point of looking at flats and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Scottish Building Society
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Scottish Building Society , make sure you remember to check that your lawyer is on the Scottish Building Society conveyancing panel.
I can not work out if my mortgage offer requires a lease extension . I have called Scottish Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Scottish Building Society 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?
Your lawyer has to follow the CML Handbook Part 2 requirements for Scottish Building Society. Unless your lawyer obtains specific confirmation in writing that Scottish Building Society 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 Scottish Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.