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approved by Chelsea BS
Ready to buy a new home? Failing to check that a lawyer is on the Chelsea BS list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Chelsea Building Society (a trading name of Yorkshire BS) Conveyancing Panel
Q and A’s regarding the Chelsea Building Society Conveyancing Panel
A solicitor my husband and I had intended to instruct on a purchase said he would charge more if my mortgage is with Chelsea Building Society because of their difficult processes! Am I likely to be frustrated using Chelsea Building Society? Is Chelsea Building Society conveyancing so much more difficult?
Chelsea Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Chelsea Building Society conveyancing panel. If they are not, this does add further risk of delay as Chelsea Building Society will appoint their own solicitors to look after their interest.
My solicitor has discovered a discrepancy between the information in Chelsea Building Society’s home valuation report and what is revealed within the conveyancing documents. My lawyer says that as he is on the Chelsea Building Society conveyancing panel he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
A precondition to being on the Chelsea Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Chelsea 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 all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Chelsea Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
Can you clarify what the consequences are if my solicitor is expelled from the Chelsea Building Society Conveyancing panel before completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Can you point me to a directory of Chelsea Building Society panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
How can we tell if a solicitor on the Chelsea Building Society panel is any good?
obtaining recommendations is a sensible 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 advise that you speak with the solicitor handling your conveyancing
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Chelsea Building Society are being pedantic. The solicitor who is on the Chelsea Building Society conveyancing panel is saying indemnity insurance will be fine but Chelsea Building Society are requiring a building regulation certificate. Why do Chelsea Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Chelsea Building Society have referred the matter to their valuer. The reason why Chelsea Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.