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On what basis would a law firm be excluded from the Scottish Building Society solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The most common 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 Scottish Building Society
My partner and I intend to remortgage our apartment with Scottish Building Society. We have a son approaching twenty who lives with us. The solicitor on the Scottish Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Scottish Building Society conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Scottish Building Society .This is solely used to protect the Scottish Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Scottish Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I require the services of a Scottish Building Society panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Scottish Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Scottish Building Society to find out which solicitors in Scottish Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
My grandmother passed away six months ago and as sole heir and executor was left the house. 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 Scottish Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Scottish Building Society will insist on your using a conveyancer on the Scottish Building Society 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 Scottish Building Society 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 Scottish Building Society mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Scottish Building Society conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Scottish Building Society conveyancing panel requirements are different to Scottish Building Society’s conveyancing panel criteria.
We expect to receive a DIP from Scottish Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Scottish Building Society recommend a solicitor on the Scottish Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Scottish Building Society conveyancing panel. The solicitor represents both you and the Scottish Building Society through the process.