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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?Find an Approved Solicitor on the Leek Building Society Conveyancing Panel
Frequently asked questions relating to the Leek BS Solicitor Panel
I am in the process of selling my apartment and the estate agent has just e-mailed to warn that the buyers are swapping property lawyer. The excuse is that Leek BS will only engage with property lawyers on their approved list. On what basis would a major lender only work with specific lawyers?
Mortgage companies have always had panels 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 decades.
Banks 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.
Please assist. For no fault of my lawyer 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 10 days inc Day of week eg. Mon. My lawyer informs me that as she is on the Leek BS conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Leek BS approved panel is to comply with the CML Handbook requirements (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.
I have been searching for conveyancing quotes online. Can I be confident that all the practices that are listed on your directory are on the Leek BS conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Leek BS panel and agreed to advise us to take down their listing in the event of removal off of the Leek BS panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Leek BS conveyancing panel is not accurate.
My lawyers in Birmingham have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Leek BS. Is it case that being on the Leek BS conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Leek BS Conveyancing Panel Terms. It might be worth you contacting Leek BS directly.
When it comes to mortgage companies such as Leek BS do solicitors 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.
Can I be sure that the solicitor on the Leek BS panel is any good?
Getting recommendations is a good starting point. 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 advocate that you speak with the solicitor carrying out your transaction
My existing mortgage is with Leek BS. My grandfather retired last week and wants to pay off my mortgage. After Leek BS is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Leek BS conveyancing panel? I do not intend to live at the property once the Leek BS mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Leek BS panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
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Transfer of Equity for Leek BSPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors