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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
FAQs : The Chelsea Building Society Conveyancing Panel
Is there a reason why all property lawyers aren't included on the Chelsea Building Society Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Can you clarify something for me?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Chelsea Building Society was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer has advised that as she is on the Chelsea Building Society conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Chelsea Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Chelsea Building Society)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Chelsea Building Society.
Do I have to pop into the offices of the Chelsea Building Society conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bristol
so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol
.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Chelsea Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Chelsea Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My wife and I have arranged a further advance on our mortgage from Chelsea Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Chelsea Building Society conveyancing panel to deal with the paperwork?
Chelsea 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 Chelsea Building Society list
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to move forward? I plan to obtain a mortgage with Chelsea Building Society. Is it possible to avoid using solicitors to save us both money? 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 Chelsea Building Society involved you will need to appoint a solicitor on the Chelsea Building Society 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 Chelsea Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Chelsea Building Society conveyancing panel.
I am about to exchange contracts on a purchase with a mortgage from Chelsea Building Society. The report from my solicitor mentions that Chelsea Building Society could withdraw their offer before completion. Is this right?
Lenders such as Chelsea Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Chelsea Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Where information comes to Chelsea Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the financial circumstances of the borrower have changed to the detriment and the Chelsea Building Society has been notified
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender has to take account a recent change in taxation