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

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Can a firm submit a complaint to the Council of Mortgage Lenders about being removed from the Yorkshire Building Society conveyancing panel?
The Council of Mortgage Lenders is not a regulator and therefore do not investigate complaints against lenders. You can of course contact Lexsure to see if we can help.
What is the CLC doing to protect licensed conveyancers from being removed from lender panels?
The CLC has initiated discussions with lenders 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 as well as the BSA.
I recently attended a seminar arranged via my PI broker where it was mentioned that solicitors are being sued for non-compliance with Part 2 requirements . 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.

Where can I find the Yorkshire Building Society conveyancing panel obligations or Transfer of Equity Conveyancing?
Yorkshire Building Society approved panel lawyers are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if Yorkshire Building Society require, the deed of covenant on their behalf. You will need to check Yorkshire Building Society CML Part 2 conditions to see if Yorkshire Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the Yorkshire Building Society conveyancing panel
JLT’s PI Insurance renewal form enquires if my firm had been excluded from any bank panels in the last year. I just found out that the firm is no longer on the Yorkshire Building Society solicitor panel? Will that impact my insurance?
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 all set to complete a purchase within the next few weeks. My papers do not include a Legal Charge for the client to sign. Who do I contact at Yorkshire Building Society to get a duplicate Deed?
You would be advised to communicate with Yorkshire Building Society to obtain standard documents. The CML Handbook contains an express question for banks to set out who to contact to obtain standard documents. Always remember to quote 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

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

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