Find an Approved Solicitor on the Chelsea Building Society (a trading name of Yorkshire BS)
FAQs for the Chelsea Building Society Solicitor Panel
I am progressing with the sale of my apartment and the EA has just texted me to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that Chelsea Building Society will only engage with solicitors on their approved list. Why would a major lender only work with certain solicitors?
Banks 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason 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 hearing daily from firms 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.
We are approaching an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Chelsea Building Society. I am advised that, being on the Chelsea Building Society conveyancing panel and acting on their behalf he must inform Chelsea Building Society if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Chelsea Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Chelsea Building Society if you agree, failing which, your lawyer must cease to continue acting.
How do I search for a local solicitor on the Chelsea Building Society conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Chelsea Building Society solicitor panel.
I am purchasing a terraced house and getting a mortgage with Chelsea Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
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.
Is it the case that all solicitor firms on the Chelsea Building Society conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Chelsea Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Do most 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 criteria.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. 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? At what point should I appy for the mortgage with Chelsea Building Society?
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 Chelsea Building Society 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 Chelsea Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.