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approved by Chelsea BS
Ready to buy a new home? Failing to check that a lawyer is on the Chelsea BS list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Chelsea Building Society (a trading name of Yorkshire BS) Conveyancing Panel
Common questions asked concerning the Chelsea Building Society Solicitor Panel
What is the rationale as to why all property lawyers are not on the Chelsea Building Society Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My partner and I are refinancing our flat with Chelsea Building Society. We have a son approaching twenty who lives with us. The solicitor on the Chelsea Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Chelsea Building Society conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Chelsea Building Society .This is solely used to protect the Chelsea Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Chelsea Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Chelsea Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Chelsea Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
We're in London, First timers buying with a mortgage (lender is Chelsea Building Society , but our solicitor is on the Chelsea Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Chelsea Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
How can we tell if a solicitor on the Chelsea Building Society panel is any good?
obtaining recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your transaction
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Chelsea Building Society conveyancing panel requirements are different to Chelsea Building Society’s conveyancing panel requirements.
I have today made my last payment due on mortgage with Chelsea Building Society. I assume I don't need a solicitor on the Chelsea Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Chelsea Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Chelsea Building Society mortgage from the register. Chelsea Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Chelsea Building Society has sent the Land Registry the discharge electronically, and
the Chelsea Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Chelsea Building Society mortgage has been paid off.