Yorkshire Building Society Conveyancing Panel Information

We only know of a couple of lenders that operate a separate approved solicitors panel where the mortgage advance is over a certain threshold. You should nevertheless check directly with Yorkshire Building Society. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Yorkshire Building Society

As is the case with the Law Society the CLC has entered discussions with banks 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 Yorkshire Building Society in the recent past.

Assuming that your practice in is on the Yorkshire Building Society conveyancing panel and you are acting for 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 Yorkshire Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Yorkshire Building Society’s specific requirements. Notwithstanding whether Yorkshire Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Yorkshire Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Yorkshire Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You would be advised to get in touch with Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual inquiry for banks to reveal who to contact to obtain standard documents. Yorkshire Building Society in their Part 2’s state: Always remember to quote the firm’s Yorkshire Building Society solicitors panel number.