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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
FAQs for the Barnsley Building Society Solicitor Panel
I am in the process of selling my maisonette and the EA has just called to advise that the buyers are switching solicitor. The reason given is that Barnsley Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My fiance and I intend to remortgage our apartment with Barnsley Building Society. We have a son 19 who lives with us. The solicitor on the Barnsley Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Barnsley Building Society conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Barnsley Building Society .This is solely used to protect the Barnsley 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 Barnsley 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.
What tools are available to find a local solicitor on the Barnsley Building Society conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Barnsley Building Society solicitor panel.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Barnsley Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Barnsley 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.
Can you point me to a directory of Barnsley Building Society panel solicitors 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.
I had instructed online solicitors located in Manchester who are on the Barnsley Building Society solicitor panel. They have just invoiced me a separate fee of £175 for dealing with the Barnsley Building Society mortgage. Is this an additional conveyancing fee specified by Barnsley 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 Barnsley Building Society but by your lawyers. Some firms on the Barnsley Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have a mortgage with Barnsley Building Society. My godfather 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.
You
will need a solicitor but they need not be on the Barnsley Building Society conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.