Leeds Building Society Conveyancing Panel Information

As is the case with the Law Society the CLC has begun discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Leeds Building Society as well as the CML.

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Leeds Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Leeds Building Society we suggest that you call Leeds Building Society to check the position.

Leeds Building Society approved solicitors are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Leeds Building Society require, the deed of covenant on their behalf. You will need to check Leeds Building Society CML Part 2 conditions to see if Leeds Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Leeds Building Society conveyancing panel

You should 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 occured.

You would be advised to contact Leeds Building Society to obtain standard documents. The CML Handbook includes a specific question for banks to establish who to contact to obtain standard documents. Leeds Building Society in their Part 2’s state: You will need to disclose your Leeds Building Society conveyancing panel number.