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 Conveyancing Panel: Recently Asked Questions

I am on the Yorkshire Building Society conveyancing panel. Can I get an archived copy of a Yorkshire Building Society Part 2 from the CML?
The CML do not maintain historic copies of the Part 2's pre-December 2010. The CML recommend you contact Yorkshire Building Society directly.

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Can my firm submit a complaint to the CML about being suspended from the Yorkshire Building Society conveyancing panel?
The Council of Mortgage Lenders is not a regulator and therefore cannot investigate grievances against lenders. You can of course contact Lexsure to see if we can assist.
Does the fact that my firm receives LENDERmonitor Alerts assist in my application to join the Yorkshire Building Society solicitor panel?
The criteria to join the Yorkshire Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Do you have any idea what Lenders such as Yorkshire Building Society are asking for when it comes to applying to be on their approved solicitor list?
Criteria differ from lender to lender. We do not hold specific requirements relating to the questions raised as part of the application to be on the Yorkshire Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
  • The percentage of the firm’s business which is conveyancing (broken down into sale
  • Summary of annual accounts
  • List of all those who can sign off the Certificate Of Title
  • and Conveyancing Quality Scheme
  • List of fee-earners who are foreign qualified
  • Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. change of name)
  • List of all those who fund the firm, including non-lawyers if applicable
  • SRA or equivalent regulator registration number where applicable
  • Full disciplinary history for each conveyancing solicitor
  • Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.
  • A recent SRA survey reveals that 76% of solicitors have been removed from a lender conveyancing panel. Yorkshire Building Society and other lenders have restricted their panel over the years. Why?
    In operating open conveyancing panels, lenders such as Yorkshire Building Society face a number of fraud and negligence risks. While there is no authoritative source of data on lender exposure to solicitor–led mortgage fraud, anecdotal evidence from lenders indicates exposure on individual cases are often in the millions of pounds. The National Fraud Authority estimates that £1bn per year is lost in mortgage -related frauds in total, which is seen as a conservative estimate.

    These risks are exacerbated by the lack of a comprehensive set of data on all conveyancing firms (which, for the avoidance of doubt, would include solicitors and conveyancers across the UK) which is in a readily accessible format. Currently, lenders vet the suitability of their panel firms against a variety of disparate, incomplete and potentially inaccurate sets of information. One top 5 lender pointed out to us that it is almost impossible to track individual fraudsters who move from firm to firm, especially where they are no longer registered or no longer hold a valid practicing certificate.

    Yorkshire Building Society and other 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. There is also regulatory impetus on lenders to ensure that they have satisfactory oversight of their third party panels, including a due-diligence process.

    Marsh’s PII renewal form questions if my practice had been removed off any lender panels in the last year. I just discovered that the practice is no longer on the Yorkshire Building Society conveyancing panel? Is this likely to effect my insurance?
    Your insurance brokers are your best port of call to address this question. 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 due to complete a remortgage shortly. I can not locate a Legal Charge for the client to sign. Who do I contact at Yorkshire Building Society to request substitute deeds?
    You need to contact Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an express inquiry for lenders to enumerate who to contact to obtain standard documents. Please remember to disclose the firm’s Yorkshire Building Society solicitors 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
    5.14.9 02/05/2017 CML
    10.2a 06/02/2017 CML
    6.14.1 30/11/2015 CML
    16.3.2 01/12/2014 CML
    5.5.1a 01/12/2014 CML
    5.2.1 01/12/2014 CML
    6.14.1 01/12/2014 CML
    6.4.5 14/01/2014 CML
    5.20.1 08/02/2013 CML

    Last update 05/08/2018

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

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