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approved by Lloyds TSB Sct
Ready to buy a new home? Failing to check that a lawyer is on the Lloyds TSB Sct 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 Lloyds TSB Scotland plc Conveyancing Panel? How can my firm be reinstated onto the Lloyds TSB Scotland plc Conveyancing Panel?Find an Approved Solicitor on the Lloyds TSB Scotland plc Conveyancing Panel
Lloyds TSB Scotland Conveyancing Panel : Questions and Answers
Is the fact that my conveyancer is not isted on the Lloyds TSB Scotland Conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Lloyds TSB Scotland.
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 Lloyds TSB Scotland will not agree to this. Why was Lloyds TSB Scotland even consulted?
Your lawyer being on the Lloyds TSB Scotland conveyancing panel is duty bound to inform Lloyds TSB Scotland of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Lloyds TSB Scotland then they would have to discontinue acting for you and Lloyds TSB Scotland.
How do I search for a local solicitor on the Lloyds TSB Scotland conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the lawyer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Lloyds TSB Scotland solicitor panel.
I am mortgaging my property does my lawyer need to be on the Lloyds TSB Scotland Conveyancing panel?
In theory, you could use a solicitor that is not on Lloyds TSB Scotland conveyancing panel, but Lloyds TSB Scotland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I am buying a property where the roof has a solar panel. Lloyds TSB Scotland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Lloyds TSB Scotland your lawyer must to check the Lloyds TSB Scotland conveyancing instructions contained in the Part of CML Handbook for Lloyds TSB Scotland . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Lloyds TSB Scotland where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Why might a lender such as Lloyds TSB Scotland withdraw a mortgage offer?
Banks and Building Societies such as Lloyds TSB Scotland can withdraw their mortgage offer although this is unusual. In the unlikely event that Lloyds TSB Scotland 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 number of examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I have today made my last payment due on mortgage with Lloyds TSB Scotland. I assume I don't need a solicitor on the Lloyds TSB Scotland panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Lloyds TSB Scotland mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds TSB Scotland mortgage from the register. Lloyds TSB Scotland,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Lloyds TSB Scotland has sent the Land Registry the discharge electronically, and
the Lloyds TSB Scotland has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Lloyds TSB Scotland mortgage has been paid off.
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Transfer of Equity for Lloyds TSB ScotlandPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors