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.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Yorkshire Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Yorkshire Building Society we suggest that you call Yorkshire Building Society to check the position.

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.

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.

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 get in touch with Yorkshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook incorporates an explicit section for lenders to cite who to contact to obtain standard documents. Yorkshire Building Society in their Part 2’s state: It helps to disclose your Yorkshire Building Society solicitors panel reference.