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Ready to buy a new home? Failing to check that a lawyer is on the 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 Leek Building Society Conveyancing Panel? How can my firm be reinstated onto the Leek Building Society Conveyancing Panel?

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FAQs : The Leek BS Conveyancing Panel

On what basis could a firm of solicitors be excluded from the Leek BS solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
  1. Low volume of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction
  4. regulatory contact by SRA
  5. accidental removal. We are not aware of the specific or common criteria for removal by Leek BS
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Leek BS was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer informs me that as she is on the Leek BS conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Leek BS approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Leek BS)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Leek BS.
Whilst your website is a good idea there are many lawyers listed near London on the Leek BS conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Leek BS ?
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..
The lawyers that I appointed last week on my purchase in London has without warning closed. They were on acting for me because I had to have a firm on the Leek BS conveyancing panel and my family lawyer was not. I paid them £200 on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Leek BS conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
When it comes to mortgage companies such as Leek BS do lawyers have to be pay a fee to be on the list of approved solicitors?
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.
We expect to receive a DIP from Leek BS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Leek BS recommend a solicitor on the Leek BS conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Leek BS conveyancing panel. The solicitor represents both you and the Leek BS through the process.
Leek BS 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 Leek BS or your broker and complete any relevant paperwork. Leek BS will tell you what documents they want. Leek BS 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. Leek BS 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.

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