Common questions asked concerning the Skipton Building Society Conveyancing Panel from members of the public
I am selling my apartment and the estate agent has just e-mailed to say that the buyers are changing their law firm. The reason given is that Skipton Building Society will only work with solicitors on their conveyancing panel. Why would a leading lender only work with specific lawyers?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders 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.
We are only a couple days away from an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Skipton Building Society. I am advised that, being on the Skipton Building Society conveyancing panel and acting on their behalf he must inform Skipton Building Society if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Skipton Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Skipton Building Society if you agree, failing which, your lawyer must cease to continue acting.
I am buying a flat and require a conveyancing solicitor in Leeds who is on the Skipton Building Society conveyancing. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Skipton Building Society . We don’t recommend any particular firm.
I am considering applying for a Skipton Building Society mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton Building Society?
In theory, you could use a solicitor that is not on Skipton Building Society conveyancing panel, but Skipton Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Skipton Building Society conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
is it true that all solicitor practices on the Skipton Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Skipton Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
We have had an offer accepted on a apartment I spoke to a solicitor recommended by my brother and he recommended using a law firm approved by Skipton Building Society. The estate agent recommended two local firms so I asked Skipton Building Society if the 2 suggested solicitors are approved, which they are not. Skipton Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Skipton Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Skipton Building Society to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Skipton Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Skipton Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Skipton Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
