Leeds Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and professional indemnity insures. It is a unique risk management tool.

This system assists the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Leeds Building Society’s changes. Even though utilising the tool is not a prerequisite for Leeds Building Society , demonstrating you can stay up to date with Leeds Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, protect your panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Leeds Building Society

Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Leeds Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes

Since 2008, Leeds Building Society has made 367 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 7.4 days. In total, 61% of the sections of P2 of the UK Finance Lenders’ Handbook for Leeds Building Society have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
5.14.9 27/08/2019 CML
3.1.5 17/07/2018 CML
4.1 01/06/2018 CML
14.2.2 19/12/2017 CML
16.3.4 03/10/2017 CML
3.1.5 13/06/2017 CML
10.11 07/06/2017 CML
3.2.3 07/06/2017 CML
5.8.1 07/06/2017 CML
3.1.3 07/06/2017 CML

Last update 19/09/2019

Leeds Building Society Conveyancing Panel : Questions and Answers from members of the public

I am selling my house and the estate agent has just e-mailed to advise that the purchasers are changing their solicitor. The excuse is that Leeds Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lenders point to the increase in fraud by way of justification 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.

My lawyer has discovered a discrepancy when comparing the surveyor’s assumptions in Leeds Building Society’s valuation report and what is in the conveyancing documents. My lawyer has advised that as he is on the Leeds Building Society conveyancing panel he must check that the bank is OK with this discrepancy and is content go ahead. Is my conveyancer’s stance correct?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Leeds Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Leeds Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am purchasing a new build flat and getting a mortgage with Leeds Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Leeds Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Leeds Building Society conveyancing panel in your location.
I had instructed online conveyancers based in London who are on the Leeds Building Society solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Leeds Building Society but by your lawyers. Some firms on the Leeds Building Society will charge an ‘acting for lender’ fee and others do not.
Last month we had a mortgage agreed in principle with Leeds Building Society. Solicitors have been appointed? How long does it take for Leeds Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Leeds Building Society conducted the valuation? Have you advised Leeds Building Society as your lawyers details and checked that your lawyer is on the Leeds Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
After shopping around on the internet I have found a solicitor having made sure that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property? Or Having digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Leeds Building Society you could contact your them to see if they have a list of approved surveyors.