Yorkshire Building Society Solicitor Panel Sample Enquires to our Call Center from members of the public
What is the rationale as to why all property lawyers aren't included on the Yorkshire Building Society Solicitor panel?
Yorkshire Building Society and other mortgage companies normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Yorkshire Building Society have no responsibility for the quality of advice provided by any member of Yorkshire Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
I am buying a newly built flat and my solicitor is telling me that she is duty bound to reveal incentives from the seller as her practice is on the Yorkshire Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and I dont want to delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Yorkshire Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Yorkshire Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been Googling for online conveyancing estimates. Can I be sure that all the law firms that are identified on your website are on the Yorkshire Building Society conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Yorkshire Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Yorkshire Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Yorkshire Building Society conveyancing panel is not accurate.
We're in Liverpool, FTBs purchasing with a mortgage (lender is Yorkshire Building Society , but our lawyer is on the Yorkshire Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire Building Society 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
Is it the case that all conveyancing lawyers on the Yorkshire Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We are getting a further advance on our mortgage from Yorkshire Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Yorkshire Building Society conveyancing panel to deal with the legals?
Yorkshire Building Society do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Yorkshire Building Society panel
My existing mortgage is with Yorkshire Building Society. My uncle retired last week and wants to pay off my mortgage. After Yorkshire 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 Yorkshire Building Society conveyancing panel? I do not intend to live at the property once the Yorkshire Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Yorkshire 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.
