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Ready to buy a new home? Failing to check that a lawyer is on the Yorkshire Bank list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Yorkshire Bank Home Loans Ltd Conveyancing Panel? How can my firm be reinstated onto the Yorkshire Bank Home Loans Ltd Conveyancing Panel?Find an Approved Solicitor on the Yorkshire Bank Home Loans Ltd Conveyancing Panel
Yorkshire Bank Solicitor Panel Recently Asked Questions
I instructed a solicitor to conduct the legal paperwork on my house purchase three weeks ago having applied for a mortgage with Yorkshire Bank. The firm reassured me that they are on Yorkshire Bank conveyancing panel and advised me their panel number. Yorkshire Bank then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the conveyancing panel for Yorkshire Bank?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Yorkshire Bank as to the time frame to get your lawyer reinstated on the panel once again.
Our son is about to exchange on a house that has just been built with a mortgage from Yorkshire Bank. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire Bank conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Yorkshire Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Yorkshire Bank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
What happens if my lawyer’s firm is expelled from the Yorkshire Bank Conveyancing panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We have a mortgage agreed in principle with Yorkshire Bank. Solicitors have been instructed? How long does it take for Yorkshire Bank to send the offer to our conveyancer
Some lenders take longer than others. Have Yorkshire Bank conducted the survey? Have you advised Yorkshire Bank as your lawyers details and checked that your lawyer is on the Yorkshire Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I have a mortgage with Yorkshire Bank. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire Bank?
You must advise Yorkshire Bank before letting out your property as this is likely to be a breach of Yorkshire Bank’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire Bank directly. You need not do this via a Yorkshire Bank conveyancing panel firm.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Yorkshire Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Yorkshire Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Yorkshire Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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