Leeds Building Society Conveyancing Panel Information

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Leeds Building Society conveyancing panel to see if you are entitled to a reason.

There are various requirements are to followed if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Leeds Building Society immediately. (II) You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Leeds Building Society’s mortgage offer are correct. If they are not, please let Leeds Building Society know as soon as possible as it will be necessary for Leeds Building Society to check with the valuer whether the valuation needs to be revised. Leeds Building Society conveyancing panel solicitors are not expected to assume the role of valuer. Leeds Building Society are simply trying to ensure that the valuer has valued the property based on correct information. (c) Leeds Building Society recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Leeds Building Society recommend that, if we send a copy of a valuation report that Leeds Building Society have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers report or structural survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Leeds Building Society or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Leeds Building Society conveyancing panel

On the basis that your practice in is on the Leeds Building Society conveyancing panel and you are representing them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Leeds Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Leeds Building Society’s specific requirements. Notwithstanding whether Leeds Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Leeds Building Society alone) as to the risks of buying a property with an insolvent or absentee freeholder.

It would be advisable to provide details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society viability as to what has happened.

You would be advised to communicate with Leeds Building Society to obtain standard documents. The CML Handbook contains an express question for banks to reveal who to contact to obtain standard documents. Leeds Building Society in their Part 2’s state: You will need to disclose the firm’s Leeds Building Society conveyancing panel reference.