Removal from the Scottish Building Society and other lender panels: Why they do it and how to get reinstated
- Non-compliance with the Scottish Building Society panel requirements, the written instructions that Scottish Building Society give you and the UK Finance Lenders’ Handbook or any alternative set of standard instructions to which Scottish Building Society may subsequently subscribe.
- Your practice no longer meets the criteria to remain on the Scottish Building Society conveyancing panel
- Significant delays in registering a charge on behalf of Scottish Building Society Delays or failure to register the Scottish Building Society charge may result in referral to external lawyers of Scottish Building Society to complete outstanding requirements.
- Persistent non-compliance with post completion requirements set by Scottish Building Society
- Breaches of Scottish Building Society conveyancing panel requirements
Top questions concerning Scottish Building Society panel reinstatement
- To what extent is my firm permanently excluded if our reinstatement panel submission with Scottish Building Society is declined?
- Is there a fee to be reinstated onto the Scottish Building Society conveyancing panel?
- Can we appeal if this practice’s application for reinstatement is declined?
- Does my practice need to apply annually to be reinstated on the Scottish Building Society conveyancing panel?
- What are the next steps open to me if our Scottish Building Society panel reinstatement application is refused and the client of the firm has a mortgage offer with the Scottish Building Society?
Top Tip: The best way to avoid the hassle of seeking Scottish Building Society panel reinstatement is to ensure that your firm is not removed off of the Scottish Building Society conveyancing panel in the first place.
Note: Subject to certain conditions Lexsure’s experts or consultants can assist in providing you with guidance for reinstatement onto the Scottish Building Society conveyancing panel but under no circumstances will Lexsure (or the Conveycentric Team) submit an application to Scottish Building Society directly or via their preferred panel manager. Any reinstatement application will have to be made by your firm. For the avoidance of doubt, Lexsure (or the Conveycentric Team) are in no way involved in managing the Scottish Building Society conveyancing panel.