Yorkshire Building Society Conveyancing Panel Information

UK Finance Designator: Yorkshire Building Society
Jurisdiction: England and Wales

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Yorkshire Building Society and to assist in remaining on the Yorkshire Building Society Solicitor Panel.

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Yorkshire Building Society Solicitor Panel: Recently Asked Questions

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An established client of mine is purchasing a property for £825k in London with a mortgage over GBP 450,000. I am on the Yorkshire Building Society conveyancing panel but do Yorkshire Building Society have a separate approved panel when a mortgage is above 400,000?
Lexsure only know of a couple of banks that operate a separate conveyancing panel where the mortgage advance is over a certain level. 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
I noticed the following question on my PI renewal form this year ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on numerous bank panels including the Yorkshire Building Society conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Should I reference these Conditions ?
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 Yorkshire 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 completing the answer.
One of our conveyancers is acting for a seller of a property and we have just received an email from the buyers solicitors who are not on the Yorkshire Building Society conveyancing panel requesting that we undertake to send certain post-completion documents to a law firm on the approved solicitor list for Yorkshire Building Society. How has this come about?
You will be aware of the trend in recent years for lenders such as Yorkshire Building Society to take a much more pro-active approach in relation to the management and make up of their conveyancer panels. The knock on effect of this is that it is more likely that there will be a higher number of cases where a conveyancer is not on the Yorkshire Building Society panel. The situation that you find yourself in is where your client’s purchaser has his/her own lawyer and Yorkshire Building Society have appointed a separate lawyer to act on their behalf where the new CML Part 3 requirements apply. Section 11.1 of the UK Finance Lenders’ Handbook Part 3 requires Yorkshire Building Society’s panel solicitor to ‘ ...transfer the mortgage advance directly to the Seller’s conveyancer. The Seller’s conveyancer must be required to hold the mortgage advance on the terms of the required undertaking. The example borrower’s conveyancer’s undertaking letter includes a specific example of the seller’s undertaking’. You should expect to be advised to received the mortgage advance directly from the conveyancing solicitors for Yorkshire Building Society. You will no doubt be required to undertake directly to Yorkshire Building Society’s solicitors to discharge any charges secured on the property and to send directly to them the executed transfer and any other documents required to enable us to effect registration. Please remember to carefully consider undertakings in accordance with your firm’s protocol and record them in your undertakings logg. Please remember that as well as this breach of this undertaking having regulatory and compliance implications it’s breach could also result in your firm being removed off the Yorkshire Building Society conveyancing panel.
When in comes to leasehold due diligence do Yorkshire Building Society conveyancing panel lawyers need to consider if there is a missing freeholder?
Assuming that your firm in is on the Yorkshire Building Society conveyancing panel and you are instructed by 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.
Prime Professional’s PI Insurance renewal form asks if my practice had been removed off any lender panels in the last 12 months. I just became aware that the firm is no longer on the Yorkshire Building Society solicitor panel? Is this likely to effect my PII premium?
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.
I am on the Yorkshire Building Society conveyancing panel and all set to complete a purchase within the next week. My papers do not include a Legal Charge for the client to sign. Who do I contact at Yorkshire Building Society to obtain duplicate documents?
You should communicate with Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific inquiry for banks to set out who to contact to obtain standard documents. It is likely that you will need to disclose the firm’s Yorkshire Building Society conveyancing panel number.
Average number of days to register title including a charge in favour of Yorkshire Building Society
This information relates to purchase only and not remortgages.
YearDays*
2013 28.1
2012 31.0
* Data aggregated from sources including COMPLETIONmonitor

Recent Changes Include

# Date Assoc. Changes Related To
6.4.4 05/09/2017 CML
6.7.1 02/05/2017 CML
10.2a 06/02/2017 CML
14.1.5 01/12/2014 CML
17.2.1a 01/12/2014 CML
5.5.1b 01/12/2014 CML
6.14.4 01/12/2014 CML
3.1.3 01/12/2014 CML
3.1.5 01/12/2014 CML
17.2.1b 12/07/2013 CML

Last update 18/11/2018

Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors

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