Yorkshire Bank Conveyancing Panel Recently Asked Questions
from members of the public
My husband and I are FTBs. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Yorkshire Bank have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. 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 property lawyers should contact Yorkshire Bank and see if they can apply for membership of the Yorkshire Bank conveyancing panel, but if that is not viable Yorkshire Bank will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Yorkshire Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Yorkshire Bank will not agree to this. Why was Yorkshire Bank even consulted?
Your lawyer being on the Yorkshire Bank conveyancing panel is duty bound to inform Yorkshire Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Yorkshire Bank then they would have to discontinue acting for you and Yorkshire Bank.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Yorkshire Bank conveyancing panel. My lawyer has said that they are on the Yorkshire Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Yorkshire Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Yorkshire Bank solicitor panel.
I am buying a new build flat and getting a mortgage with Yorkshire Bank. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Yorkshire Bank 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 Yorkshire Bank conveyancing panel in your location.
When it comes to lenders such as Yorkshire Bank do solicitors have to be pay a fee to be on the conveyancing panel?
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 a mortgage agreed in principle with Yorkshire Bank. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Yorkshire Bank?
There is no definitive answer here. Have Yorkshire Bank done the survey? Have you advised Yorkshire Bank as your lawyers details and checked that your lawyer is on the Yorkshire Bank conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My fiance and I are in the throws of viewing flats and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Yorkshire Bank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Yorkshire Bank , ask your prospective lawyers check they are on the Yorkshire Bank conveyancing panel otherwise they can't do the mortgage legal work.