Q and A’s regarding the Leeds Building Society Conveyancing Panel from members of the public
The conveyancer my husband and I had intended to instruct on a purchase said she would charge more if my lender is because of their unusual legal requirements. Am I likely to be frustrated using Leeds Building Society? Is Leeds Building Society conveyancing so much more difficult?
Leeds Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Leeds Building Society conveyancing panel. If they are not, this does add further risk of delay as Leeds Building Society will appoint their own solicitors to look after their interest.
Our solicitor has discovered a defect with the lease for the property we are purchasing. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Leeds Building Society conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Leeds Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Leeds Building Society are the client. A precondition to being on the Leeds Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Leeds Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Leeds Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I note that you have a search directory identifying solicitors on the Leeds Building Society conveyancing panel. Do firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was expecting to move into my flat last Friday. My solicitor is on the Leeds Building Society solicitors panel but has moved offices 8 weeks ago and had not informed Leeds Building Society of their new address. Leeds Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Leeds Building Society branch or your mortgage broker to see if they can assist.
For 5 years I had a mortgage with Leeds Building Society. My grandfather retired last week and wants to pay off the mortgage left on the property. After Leeds Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Leeds Building Society conveyancing panel? I do not intend to live at the property once the Leeds Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Leeds Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I am currently in the process of buying my council flat. I have a mortgage agreed with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Leeds Building Society you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Leeds Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Leeds Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Leeds Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
