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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
Chelsea Building Society Solicitor Panel Recently Asked Questions
My IFA has says he needs my solicitor’s panel reference for the Chelsea Building Society conveyancing panel. Can you suggest how I find this out. I have e-mailed my local Chelsea Building Society office but they cant find it on their system.
You are best placed to get this information from your conveyancing lawyer. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Chelsea Building Society.
I am buying a newly built flat and my solicitor is informing me that she has to reveal incentives from the builder as her firm is on the Chelsea Building Society conveyancing panel. I am on a tight deadline to exchange contracts and I dont want to delay matters. Can I insist on an exchange regardless of what my lawyer says about being on the Chelsea Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am purchasing a property and require a conveyancing solicitor in London who is on the Chelsea Building Society approved. Could you point me in the right direction as regards a solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Chelsea Building Society . We don’t recommend any particular firm.
The solicitors that I appointed last week on my house acquisition in Hendon has suddenly shut down. I only went with them because I had to have a solicitor on the Chelsea Building Society conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Chelsea Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
Are all solicitors on the Chelsea Building Society conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Chelsea Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Why might a lender such as Chelsea Building Society withdraw a mortgage offer?
Lenders such as Chelsea Building Society can revoke 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 their reasoning. There are various possible reasons but here are 5 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
- Chelsea Building Society may amend or withdraw an offer if the Chelsea Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Intending to buy a flat with a mortgage with Chelsea Building Society. 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 Chelsea Building Society 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 Chelsea Building Society conveyancing panel