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approved by Barnsley Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Barnsley Building Society 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 Barnsley Building Society (Yorkshire Building Society) Conveyancing Panel? How can my firm be reinstated onto the Barnsley Building Society (Yorkshire Building Society) Conveyancing Panel?Find an Approved Solicitor on the Barnsley Building Society (Yorkshire Building Society) Conveyancing Panel
Barnsley Building Society Conveyancing Panel : Questions and Answers
My fiance and I are FTBs. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this morning contacted us to advise us that there is now an issue as our conveyancer is not on their approved list of lawyers. Is this a problem?
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 Barnsley Building Society and see if they can apply for membership of the Barnsley Building Society conveyancing panel, but if that is not viable Barnsley Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Barnsley 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 are adding another lawyer into the mix.
My solicitor has identified a discrepancy when comparing the assumptions in Barnsley Building Society’s valuation report and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Barnsley 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 lawyer’s approach appropriate?
A precondition to being on the Barnsley Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Barnsley 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 you.
Are the lawyers identified as being on the Barnsley Building Society conveyancing panel, together with their details provided by Barnsley Building Society?
The firms themselves provide us confirmation that they are on the Barnsley Building Society conveyancing panel as opposed to being supplied with a list from Barnsley Building Society directly.
I was expecting to complete on my first house two days ago. My solicitor is on the Barnsley Building Society conveyancing panel but has moved offices in the past couple of months and had not advised Barnsley Building Society of their new address. Barnsley Building Society is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Barnsley Building Society branch or your mortgage broker to see if they can assist.
Are all solicitor firms on the Barnsley Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Barnsley Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My wife and I have arranged a further advance on our mortgage from Barnsley Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Barnsley Building Society conveyancing panel to deal with the legals?
Barnsley Building Society do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Barnsley Building Society panel
I have a mortgage with Barnsley Building Society. My grandfather retired last week and wants to pay off my mortgage. After Barnsley Building Society 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 Barnsley Building Society conveyancing panel? I do not intend to live at the property once the Barnsley Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Barnsley Building Society 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.