Looking for information about your firm's panel status?
Leek BS Conveyancing Panel Assistance:
What are the Leek BS conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
The Society’s approved solicitor panel manager is Legal Marketing Services (LMS). This can be accessed via the LMS web portal www.lms.com
You must also comply with the terms and conditions of your Leek BS solicitor panel appointment.
Is it probable that Leek BS will assign another solicitor on the Leek BS conveyancing panel for a further advance during the mortgage term ?
The BSA Mortgage Instructions relevant to a solicitor on the Leek BS conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Leek BS conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction must be adhered to .
As a lawyer on the Leek BS conveyancing panel who do I communicate with if I have a query about the BSA Specific Requirements ?
If you are a conveyancer and have a concern regarding the Specific Requirements,
you should make contact with Leek BS. The BSA will not advise or comment on specific queries relating to Leek BS or other lenders.
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Leek BS and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Leek BS specifically), is that for too long
solicitors have concentrated on their duty of care to their purchasing
client, and have paid scant attention to the duty they owe to the
lender, whom they conveniently forget is also their client.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Leek BS and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.
Why did the Building Society Association introduced differing instructions from the CML?
The Building Society Association introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
My practice have never been on the Leek BS solicitor panel among other lenders . My clients, who have applied for a mortgage with Leek BS would still like to instruct me regardless of the fact that we are not on the Leek BS panel. Is it fine for me to use a firm down the road to represent Leek BS on mortgage aspect of the conveyancing?
You need to be careful here as what you are intending may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
Can the BSA assist me in an appeal having not been accepted onto the Leek BS conveyancing panel?
If you have not been accepted or indeed been removed from the Leek BS conveyancing panel then the BSA will not have any part to play in influencing Leek BS in changing their mind. Please contact us here at Lexsure so that we can put you in touch with a consultant who may be able to assist. At the very least it’s worth a call to us.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Leek BS Conveyancing Panel
powered by LenderPanel
Average number of days to register title including a charge in favour of Leek BS
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2024 | [no data] |
| 2023 | 23.0 |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
| 2019 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Leek BS Firms
- Draft Report on Title precedent for Leek BS borrowers
- Draft Anti Money Laundering PolicyTemplate for Leek BS panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Leek BS lender panel
- Buy-to-Let help for Leek BS
- Consent-to-Let help for Leek BS
- Contractor Mortgages with Leek BS
