Leeds Building Society Conveyancing Panel Information

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Leeds Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – basic

SRA or equivalent regulator registration number where applicable

Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)

Full career history for each solicitor including admission date to the relevant Law Society

List of fee-earners who are foreign qualified

List of all those who can sign off the Certificate Of Title

List of all solicitors within firm

Number of lender conveyancing panels the firm is currently on

Summary of annual accounts

Whether any lender has ever made a claim against the firm’s PII cover

In order to be on the Leeds Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Leeds Building Society) are as follows:

• To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• To forward the title deeds and documents to another solicitor/conveyancer within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
• Without prejudice to your obligation to comply in full with the Safeguards provisions in the CML Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.

The key here is the caveat ‘more onerous’. You have to try and take an objective view as to whether the Terms relating to the Leeds Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

You have a number of obligations in this regard which you need to follow 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. Second, 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. (III) 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 survey 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

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 adversely impact your firm’s application but gives the Law Society a complete picture of what has happened.

You should get in touch with Leeds Building Society to obtain standard documents. The CML Handbook includes a specific question for lenders to reveal who to contact to obtain standard documents. Leeds Building Society in their Part 2’s state: Please remember to disclose your Leeds Building Society conveyancing panel number.