Leeds Building Society Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am in the process of selling my maisonette and the estate agent has just texted me to say that the buyers are switching conveyancer. I am told that this is due to the fact that Leeds Building Society will only deal with property lawyers on their approved list. Why would a leading lender only work with certain law firms?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Expecting to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Leeds Building Society. What does the insurance need to cover?
Any lawyer on the Leeds Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Leeds Building Society’s Part 2 requirements of the CML Handbook (last updated on Leeds Building Society). Being on the Leeds Building Society conveyancing panel your lawyer is expect to follow these instructions.
I have been Googling for online conveyancing estimates. Can I be assured that all the firms that are listed on your site are on the Leeds Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Leeds Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Leeds Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Leeds Building Society conveyancing panel is incorrect.
I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society?
There is nothing to stop you using your solicitor but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to lenders such as Leeds Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Leeds Building Society 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 Leeds Building Society your lawyer must to check the Leeds Building Society conveyancing instructions contained in the Part of CML Handbook for Leeds Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Leeds Building Society 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.
At last I have had an offer on an apartment accepted, but there is a chain. 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.
