Yorkshire Building Society Conveyancing Panel Information

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.

Many estate agents are feeling the pain if their clients start out on the buying process using a solicitor 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 lawyers.

You might expect Yorkshire Building Society via their Part 2 conditions to address this but the Handbook is silent on deadlines to send deeds. You need to look at the Terms of Yorkshire Building Society’s Conveyancing Panel Appointment that you entered into. For a number of banks these Terms include a clause such as: ‘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 imperative 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.

With banks and conveyancing firms working so closely together it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Yorkshire Building Society conveyancing panel but for all mortgage panels

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.

You need to communicate with Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an express inquiry for banks to set out who to contact to obtain standard documents. Yorkshire Building Society in their Part 2’s state: Always remember to disclose your Yorkshire Building Society solicitors panel reference.