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approved by Yorkshire Bank
Ready to buy a new home? Failing to check that a lawyer is on the Yorkshire Bank 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 Yorkshire Bank Home Loans Ltd Conveyancing Panel? How can my firm be reinstated onto the Yorkshire Bank Home Loans Ltd Conveyancing Panel?Find an Approved Solicitor on the Yorkshire Bank Home Loans Ltd Conveyancing Panel
Yorkshire Bank Solicitor Panel Recently Asked Questions
My wife and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Yorkshire Bank have this evening contacted us to advise us that there is now an issue as our lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Yorkshire Bank and see if they can apply for membership of the Yorkshire Bank conveyancing panel, but if that is not viable Yorkshire Bank will instruct their own solicitors to act. You don't have to instruct a firm on the Yorkshire Bank conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Our solicitor has identified a problem with the lease for the apartment we are purchasing. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the Yorkshire Bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Yorkshire Bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Yorkshire Bank are the client. A precondition to being on the Yorkshire Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Yorkshire Bank). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Yorkshire Bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your database of lawyers on the Yorkshire Bank conveyancing panel? Do Yorkshire Bank send you an updated list?
The firms themselves provide us confirmation that they are on the Yorkshire Bank conveyancing panel as opposed to being supplied with a list from Yorkshire Bank directly.
My grandfather passed away 10 months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Yorkshire Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Yorkshire Bank will insist on your using a conveyancer on the Yorkshire Bank 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 Yorkshire Bank 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 Yorkshire Bank mortgage is registered as a charge at the Land Registry.
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 Yorkshire Bank conveyancing panel requirements are different to Yorkshire Bank’s conveyancing panel criteria.
My fiance and I are in the throws of viewing apartments and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Yorkshire Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Yorkshire Bank , ask your prospective lawyers check they are on the Yorkshire Bank conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Yorkshire Bank. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire Bank?
Yorkshire Bank must be informed of your intention before renting your property as this is likely to be a breach of Yorkshire Bank’s mortgage conditions. It may be that Yorkshire Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire Bank directly. It should not be necessary to do this via a Yorkshire Bank conveyancing panel solicitor.
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Transfer of Equity for Yorkshire BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors