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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Yorkshire Building Society has instructed me to conduct due diligence for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the Yorkshire Building Society conveyancing panel) How will this operate and are there different requirements from Yorkshire Building Society in this case?
The Council of Mortgage Lenders, together with Yorkshire Building Society and other lenders created a standard set of requirements where a conveyancer is representing a lender such as Yorkshire Building Society alone in a residential conveyancing transaction. These requirements are contained at Part III of the UK Finance Lenders’ Handbook and are to be followed together with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel?
The fact of the matter is that estate agents are feeling the pain if their clients start out on the buying process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .
Does my firm run the risk of removal off the Yorkshire Building Society solicitor panel if I have not sent the deeds on a purchase within a certain time frame from draw-down of funds?
One might ordinarily expect Yorkshire Building Society via their Part Two obligations to address this but the Handbook is silent on deadlines to send deeds. Do look at the Terms of Yorkshire Building Society’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms have a clause along the following lines: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep Yorkshire Building Society updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with CML PII obligations . I am on the Yorkshire Building Society conveyancing panel can you tell me how Part 2 changes took place by Yorkshire Building Society during 2013?
During 2013, 72 sections of the UK Finance Lenders’ Handbook P2 were changed by Yorkshire Building Society. Some changes are more important than others but as a firm on the Yorkshire Building Society conveyancing panel you are of course obliged to comply with individual lender requirements, as set out in Part II of the UK Finance Lenders’ Handbook. Locktons have recently pointed out in an article that non-compliance with Part 2 requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: CML requirements are not guidelines; they are the lender client’s instructions.

Prime Professional’s PII renewal form asks if my practice had been removed off any mortgage panels in the last year. I just became aware that the practice is no longer on the Yorkshire Building Society solicitor panel? Is this likely to impact 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.
Our practice is on the Yorkshire Building Society conveyancing panel and scheduled to complete a remortgage shortly. My papers do not include a Legal Charge for the client to execute. Who do I contact at Yorkshire Building Society to request substitute deeds?
You should contact Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific section for banks to set out who to contact to obtain standard documents. Please remember to disclose your 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
10.3 17/09/2018 CML
10.2a 06/02/2017 CML
6.14.1 30/11/2015 CML
16.3.2 20/07/2015 CML
17.2.1a 01/12/2014 CML
5.5.1b 01/12/2014 CML
6.14.1a 01/12/2014 CML
6.14.4 01/12/2014 CML
6.4.5 14/01/2014 CML
5.20.4 16/08/2013 CML

Last update 11/02/2020

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