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My wife and I are FTBs. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this morning contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
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 Quality Scheme.
Your property lawyers should contact Yorkshire Building Society and see if they can apply for membership of the Yorkshire Building Society conveyancing panel, but if that is not viable Yorkshire Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Yorkshire Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My partner and I are refinancing our flat with Yorkshire Building Society. We have a son approaching twenty who lives with us. The solicitor on the Yorkshire Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two concerns (1) Is this form unique to the Yorkshire Building Society conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Yorkshire Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Yorkshire Building Society .This is solely used to protect the Yorkshire Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Yorkshire Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am looking to buy a house and require a conveyancing solicitor in who is on the Yorkshire Building Society solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Yorkshire Building Society . We don’t recommend any particular firm.
I am considering applying for a Yorkshire Building Society mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire Building Society?
There is nothing to stop you using your solicitor but Yorkshire Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I previously instructed online solicitors located in London who are on the Yorkshire Building Society solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Yorkshire Building Society mortgage. Is this an additional conveyancing fee specified by Yorkshire Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Yorkshire Building Society but by your lawyers. Some firms on the Yorkshire Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
The for formalities of my remortgage has taken place with a loan from Yorkshire Building Society. Conveyancing was a necessary evil but I would like to complain about Yorkshire Building Society. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the Yorkshire Building Society branches or the Customer Services Team at Yorkshire Building Society head office. Ordinarily complaints to Yorkshire Building Society are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have instructed a lawyer having made sure that they are on the Yorkshire Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Yorkshire Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Yorkshire Building Society you could contact your them to see if they have a list of approved surveyors.