Find an Approved Solicitor on the Chelsea Building Society (a trading name of Yorkshire BS)
Conveyancing Panel
Frequently asked questions relating to the Chelsea Building Society Conveyancing Panel
I am progressing with the sale of my apartment and the estate agent has just telephoned to say that the purchasers are switching law firm. The reason given is that Chelsea Building Society will only work with solicitors on their approved list. Why would a leading mortgage company only deal with specific law firms?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our nephew is about to exchange on a new build apartment with a mortgage from Chelsea Building Society. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Chelsea Building Society conveyancing panel as a standard part of the process, and to the surveyor 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 Chelsea Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Chelsea Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Chelsea Building Society ?
We are not in the business of recommending one firm above another 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am buying a garden flat and getting a mortgage with Chelsea Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Chelsea Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Chelsea Building Society conveyancing panel in your location.
When it comes to lenders such as Chelsea Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I previously instructed online conveyancers located in Birmingham who are on the Chelsea Building Society solicitor panel. They have just invoiced me a separate fee of £175 for dealing with the Chelsea Building Society mortgage. Is this an additional conveyancing fee set by Chelsea Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Chelsea Building Society but by your lawyers. Some firms on the Chelsea Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Chelsea Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Chelsea Building Society you will need to appoint a solicitor on the Chelsea Building Society conveyancing panel.