Scottish Building Society Conveyancing Panel Compliance Audit

You can wait for Scottish Building Society to make a file request or you can ask Lexsure to do a Scottish Building Society panel compliance conveyancing audit.

Scottish Building Society is most likely one of your most valued clients for conveyancing work.

Can you be sure that you are adhering to the requirements as a practice on the Scottish Building Society conveyancing panel?

As far as we are aware Lexsure is uniquely positioned to conduct a comprehensive lender panel compliance audit for your conveyancing files where Scottish Building Society are the lender.

Lexsure’s comprehensive database of Scottish Building Society Handbook instructions enables us to audit a law firms’ conveyancing files whilst on the Scottish Building Society conveyancing panel retrospectively and in the similar manner Scottish Building Society would.

Our panel of expert auditors objectively check making use of propriety templates and Lender obligation archives whether each conveyancing matter complied with the requirements at the time the CoT was completed.

For conveyancing firms where their search provider is not offering the service, our costs is £1,975+VAT. Lexsure will review 6 case files involving Scottish Building Society, which we can randomly select by tenure (e.g. leasehold) date or a multitude variables.

Once finished, we will prepare a detailed findings for your files with Scottish Building Society and a baseline risk profile. We will also follow-up with you to explain our expert findings and recommendations in a formal debrief. Audit follow-up can be scheduled. Our office will contact the firm to request the status of actions taken. No more than two lender conveyancing panel audits may be requested by a firm per annum.

Lexsure’s Conveyancing Audit Scheduling System (LCASS) enables you to choose the date, time and location of a Scottish Building Society conveyancing panel compliance audit. The system is available 24/7, which eliminates most instances where you have to wait for business hours to contact Lexsure to schedule or rebook a Scottish Building Society panel compliance file audit. Please note that before accepting a Scottish Building Society conveyancing panel compliance audit we have to conduct a conflict check. It is not always possible for Lexsure to conduct a Scottish Building Society panel Handbook risk file audit

Common queries about Scottish Building Society conveyancing file audits


Why would my firm consider a Scottish Building Society handbook compliance audit?

Lexsure frequently meets Scottish Building Society conveyancing panel firms who express confidence that they have ‘bulletproof’ risk protocols. Yet Lexsure sees common breaches of the lender Handbook instructions. In fact, we rarely complete an audit that didn’t reveal any breaches. An adverse externally-commissioned audit by a lender could result in an insurance claim or removal from a panel. Failure to comply with handbook requirements for Scottish Building Society or any lender leaves you open to costly and damaging claims if the lender suffers a loss and even disciplinary action by your regulator. Lexsure’s lender compliance audits are the best way to ensure there aren’t costly skeletons in your conveyancing cupboard.

Can you give examples of some of the more common Lender Handbook breaches by conveyancing lawyers on the Scottish Building Society panel?

Lexsure frequently conduct conveyancing webinars focused on breaches across all lenders. Please feel free to book a place.

My firm is on the Scottish Building Society conveyancing panel and I am considering using your services for conveyancing file audits. Is Lexsure a member of The Institute of Internal Auditors?

No

Will an audit of my firm’s previous files involving Scottish Building Society enable my firm to be reinstated on the Scottish Building Society conveyancing panel?

That is not the case. We do not get involved in the Scottish Building Society conveyancing panel selection or reinstatement process

How do Scottish Building Society select files for audits?

Lexsure are not privy to the criteria Scottish Building Society would select a file from a conveyancing practice currently on or previously on their conveyancing panel