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.