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approved by Scottish Widows
Ready to buy a new home? Failing to check that a lawyer is on the Scottish Widows list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Scottish Widows Bank plc Conveyancing Panel? How can my firm be reinstated onto the Scottish Widows Bank plc Conveyancing Panel?Find an Approved Solicitor on the Scottish Widows Bank plc Conveyancing Panel
Scottish Widows Conveyancing Panel : Questions and Answers
I am getting a mortgage offer from Scottish Widows. my intention is to use a Licensed Conveyancer. Does the Scottish Widows Solicitor panel allow for Licensed Conveyancers
Scottish Widows’s conveyancing panel is, like many other lenders associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am buying a brand new flat and my conveyancer is advising me that she is duty bound to reveal incentives from the builder as her practice is on the Scottish Widows conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I dont want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Scottish Widows approved panel is to comply with the CML Handbook requirements (last updated for this lender on Scottish Widows). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Scottish Widows conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Scottish Widows conveyancing panel as opposed to being supplied with a list from Scottish Widows directly.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Scottish Widows conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Scottish Widows 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.
When it comes to mortgage companies such as Scottish Widows do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I had instructed online solicitors based in London who are on the Scottish Widows solicitor panel. They are now charging me a separate fee of £195 for dealing with the Scottish Widows mortgage. Is this an additional conveyancing fee set by Scottish Widows?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Scottish Widows but by your lawyers. Some firms on the Scottish Widows will charge an ‘acting for lender’ fee and others do not.
I am about to exchange contracts on a purchase with a mortgage from Scottish Widows. The report from my solicitor mentions that Scottish Widows could withdraw their offer before completion. Is this right?
Lenders such as Scottish Widows can revoke their mortgage offer although this rarely happens. should Scottish Widows withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Where information comes to Scottish Widows ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Scottish Widows may amend or withdraw an offer if the Scottish Widows conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the financial circumstances of the borrower have changed to the detriment and the Scottish Widows has been notified
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Following advice from the property assessor 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
Other Topics
Transfer of Equity for Scottish WidowsPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors