Yorkshire Building Society Conveyancing Panel Information

The Law Society of Scotland has advised that solicitors should check their panel status with lenders prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Yorkshire Building Society conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

Although not necessarily published, lenders have varying criteria . 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):

and Conveyancing Quality Scheme

List of fee-earners who are foreign qualified

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.

Summary of annual accounts

SRA or equivalent regulator registration number where applicable

Full disciplinary history for each conveyancing solicitor

purchase and remortgage)

List of all those who fund the firm, including non-lawyers if applicable

Automated alerting to inform lenders when there is a fundamental change to the firm (e.g. new disciplinary action)

List of all those who can sign off the Certificate Of Title

You might expect Yorkshire Building Society via their Part Two conditions to address this but the Handbook is silent on time frames. Do look at the Terms of Yorkshire Building Society’s Conveyancing Panel Appointment that you are bound by. For many lender's these Terms contain 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 imperative to keep Yorkshire Building Society informed. 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 with one another 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 bank 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 should communicate with Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express inquiry for lenders to reveal who to contact to obtain standard documents. Yorkshire Building Society in their Part 2’s state: Please remember to disclose your Yorkshire Building Society solicitors panel number.