Skipton Building Society Solicitor Panel Recently Asked Questions from members of the public
My husband and I are first time buyers. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this morning contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitors should contact Skipton Building Society and see if they can apply for membership of the Skipton Building Society conveyancing panel, but if that is not viable Skipton Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Skipton Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Expecting to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Skipton Building Society. What does the insurance need to cover?
Any lawyer on the Skipton 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 Skipton Building Society’s Part 2 requirements of the CML Handbook (last updated on Skipton Building Society). Being on the Skipton Building Society conveyancing panel your lawyer is expect to follow these instructions.
I am looking for competitive conveyancing fees. Can I be confident that all the firms that are identified on your site are on the Skipton Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Skipton Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Skipton Building Society panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Skipton Building Society conveyancing panel is incorrect.
Can you clarify what the consequences are if my solicitor is suspended from the Skipton Building Society Solicitor panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have a mortgage with Skipton Building Society. My father has just retired and wants to pay off my mortgage. After Skipton Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Skipton Building Society conveyancing panel? I do not intend to live at the property once the Skipton Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Skipton Building Society conveyancing 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. There's no capital gains tax for you as it is
your main residence.
I am selling my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Skipton Building Society are being a right pain. The solicitor who is on the Skipton Building Society conveyancing panel is saying indemnity insurance will be fine but Skipton Building Society are requiring a building regulation certificate. Why do Skipton Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Skipton Building Society have referred the matter to their valuer. The reason why Skipton Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
My husband and I are buying a house in Hendon. Conveyancing solicitors in Hendon are preferred to begiven the go-ahead. My fatherrecommended that we enquire that the solicitor in Hendon is on the Skipton Building Society panel. Is this really necessary?
A limited percentage of Hendon conveyancing solicitors are on the Skipton Building Society conveyancing panel. 8 people a month use our search tool to search for a Hendon conveyancing practitioner on the on the Skipton Building Society solicitors pane.
