Find a Law Firm
approved by Loughborough Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Loughborough Building Society list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the Loughborough Building Society Conveyancing Panel? How can my firm be reinstated onto the Loughborough Building Society Conveyancing Panel?Find an Approved Solicitor on the Loughborough Building Society Conveyancing Panel
FAQs : The Loughborough Building Society Solicitor Panel
For what reasons could a firm of solicitors be excluded from the Loughborough Building Society solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Loughborough Building Society
My conveyancer has identified a difference between the assumptions in Loughborough Building Society’s home valuation report and what is revealed within the title deeds. My solicitor says that as he is on the Loughborough Building Society conveyancing panel he needs to ensure that the bank is OK with this discrepancy and is content go ahead. Is my solicitor’s approach correct?
A precondition to being on the Loughborough Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Loughborough 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 both parties.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Loughborough Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Loughborough Building Society Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Last month we had a mortgage agreed in principle with Loughborough Building Society. Solicitors have been instructed? How long does it take for Loughborough Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Loughborough Building Society done the valuation? Have you advised Loughborough Building Society as your lawyers details and checked that your lawyer is on the Loughborough Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Loughborough Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Loughborough Building Society your lawyer must to check the Loughborough Building Society conveyancing instructions contained in the Part of CML Handbook for Loughborough Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Loughborough Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
My husband and I are at the point of looking at houses and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Loughborough Building Society
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Loughborough Building Society , make sure you remember to check that your lawyer is on the Loughborough Building Society conveyancing panel.