Yorkshire Bank Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are first time buyers. Within the 48 hours our property lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Yorkshire Bank have this morning contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. What do we do from here?
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 Accreditation Scheme. Your solicitors 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 solicitors to act. You don't have to instruct a firm on the Yorkshire Bank 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 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.
I require the services of a Yorkshire Bank panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent why you need a Yorkshire Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Yorkshire Bank to find out which solicitors in Yorkshire Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in Liverpool, FTBs purchasing with a mortgage (lender is Yorkshire Bank , but our lawyer is on the Yorkshire Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Why might a lender such as Yorkshire Bank withdraw a mortgage offer?
Lenders such as Yorkshire Bank can withdraw their mortgage offer although this is unusual. If Yorkshire Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- If the borrower informs Yorkshire Bank of a change in security address
- If the borrower informs Yorkshire Bank of a change in the loan amount agreed
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender has to take account a recent change in law
- If the solicitor on the Yorkshire Bank conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Yorkshire Bank ‘s instructions
The for formalities of my purchase has taken place with a loan from Yorkshire Bank. Conveyancing was satisfactory but I would like to complain about Yorkshire Bank. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the Yorkshire Bank branches or the Customer Care Department at Yorkshire Bank head office. Ordinarily complaints to Yorkshire Bank are sorted out effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
Next month my fiance and I are acquiring a penthouse in Hendon. Conveyancing solicitors in Hendon need to beretained. My friendrecommended that we enquire that the conveyancer in Hendon is on the Yorkshire Bank list of approved conveyancing firms. Is this right?
Not all Hendon conveyancing firms are on the Yorkshire Bank conveyancing panel. Click here to find a Hendon conveyancing practitioner on the on the Yorkshire Bank solicitors pane.
