Find an Approved Solicitor on the Leeds Building Society
Leeds Building Society Solicitor Panel Recently Asked Questions
I am progressing with the sale of my flat and the estate agent has just called to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that Leeds Building Society will only deal with property lawyers on their approved list. Why would a big named mortgage company only deal with certain law firms?
UK lenders 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 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.
My solicitor has uncovered a difference when comparing the assumptions in Leeds Building Society’s home valuation survey and what is in the title deeds. My solicitor informs me that as he is on the Leeds Building Society conveyancing panel he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach right?
A precondition to being on the Leeds Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Leeds Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I need to pop into the offices of the Leeds Building Society conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
My grandmother passed away last year and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Leeds Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Leeds Building Society will insist on your using a conveyancer on the Leeds Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Leeds Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Leeds Building Society mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing lawyers on the Leeds Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Leeds Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Leeds Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Leeds Building Society panel she or he must comply with the CML Handbook requirements for Leeds Building Society. Unless your lawyer obtains specific confirmation in writing that Leeds Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Leeds Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Leeds Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Leeds Building Society or your broker and complete any relevant paperwork. Leeds Building Society will tell you what documents they want. Leeds Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Leeds Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.