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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.
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My husband and I are purchasing a 1 bedroom flat in Hackney with a mortgage from Loughborough Building Society. We like our solicitor but Loughborough Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Loughborough Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Loughborough Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Loughborough Building Society
Much to my surprise my solicitor is asking me for personal identification documents saying that this forms part of his obligations as a solicitor on the Loughborough Building Society Conveyancing panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Loughborough Building Society your lawyer also has to check ID documents to satisfy Loughborough Building Society
I need to find a Loughborough Building Society panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent why you need a Loughborough Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Loughborough Building Society to find out which solicitors in Loughborough Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am considering applying for a Loughborough Building Society mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Loughborough Building Society?
There is nothing to stop you using your solicitor but Loughborough Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
How can we tell if a solicitor on the Loughborough Building Society panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your transaction
My wife and I have arranged a further advance on our mortgage from Loughborough Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Loughborough Building Society conveyancing panel to deal with the paperwork?
Loughborough Building Society would not normally appoint firms on their conveyancing panel 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 Loughborough Building Society list
My ex -wife’s name is on the Loughborough Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Loughborough Building Society mortgage in order to sell?
In terms of the Loughborough Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Loughborough Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.