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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.
Find an Approved Solicitor on the Yorkshire Bank Home Loans Ltd Conveyancing Panel
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I am progressing with the sale of my house and the EA has just telephoned to warn that the purchasers are changing their conveyancer. The reason given is that Yorkshire Bank will only engage with property lawyers on their approved list. Why would a big named lender only engage with specific lawyers?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 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 being contacted daily by practices 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 lawyer has discovered a difference between the information in Yorkshire Bank’s home valuation report and what is in the conveyancing documents. My solicitor has advised that as he is on the Yorkshire Bank conveyancing panel he needs to check that the bank is happy with this discrepancy and is content go ahead. Is my solicitor’s course or action correct?
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) 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 you.
I require the services of a Yorkshire Bank panel solicitor in Stirling. Can you assist?
It is not clear why you need a Yorkshire Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Yorkshire Bank to find out which solicitors in Yorkshire Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
We're in London, First timers buying with a mortgage (lender is Yorkshire Bank , but our lawyer is on the Yorkshire Bank conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire Bank conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing solicitors on the Yorkshire Bank conveyancing panel work on a no sale no fee basis?
On the whole there are 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 package
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Yorkshire Bank. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Yorkshire Bank involved you will need to appoint a solicitor on the Yorkshire Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Yorkshire Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Yorkshire Bank conveyancing panel.
Intending to buy a house with a mortgage with Yorkshire Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Yorkshire Bank conveyancing panel