Find an Approved Solicitor on the Loughborough Building Society
Examples of recent questions relating to the Loughborough Building Society Solicitor Panel
My property lawyer has never been on on the Loughborough Building Society Approved Panel. Can I still use my preferred solicitor even though they are not on the Loughborough Building Society list of approved lawyers?
The most common options here are as follows:
- Carry on with your preferred solicitors but Loughborough Building Society will need to instruct a lawyer on the Loughborough Building Society conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Loughborough Building Society conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Loughborough Building Society conveyancing panel
My husband and I are refinancing our penthouse with Loughborough Building Society. We have a son approaching twenty who lives with us. The solicitor on the Loughborough Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Loughborough Building Society conveyancing panel as he did not need to sign this form when we bought 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 Loughborough Building Society .This is solely used to protect the Loughborough 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 Loughborough 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.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Loughborough Building Society conveyancing panel. My lawyer has said that they are on the Loughborough Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Loughborough Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Loughborough Building Society solicitor panel.
I am in the process of remortgaging my flat does my lawyer need to be on the Loughborough Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on Loughborough Building Society conveyancing panel, but Loughborough Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
When it comes to mortgage companies such as Loughborough Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Loughborough Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Loughborough Building Society or your broker and complete any relevant paperwork. Loughborough Building Society will tell you what documents they want. Loughborough Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Loughborough Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Loughborough Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Loughborough Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Loughborough Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.