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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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Loughborough Building Society Conveyancing Panel : Questions and Answers
Can you please explain the reason why all solicitors are not on the Loughborough Building Society Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Our solicitor is asking me for proof of ID documents stating that this is part of his requirements 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
Whilst your website is a good idea there are many lawyers listed near Manchester on the Loughborough Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Loughborough Building Society ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am refinancing my flat does my lawyer have to be on the Loughborough Building Society Solicitor panel?
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 two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all solicitor firms on the Loughborough Building Society conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Loughborough 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).
I previously instructed online solicitors based in Cardiff who are on the Loughborough Building Society solicitor panel. They are now charging me a separate fee of £175 for dealing with the Loughborough Building Society mortgage. Is this an additional conveyancing fee specified by Loughborough 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 Loughborough Building Society but by your lawyers. Some firms on the Loughborough Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Loughborough Building Society are being a right pain. The solicitor who is on the Loughborough Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Loughborough Building Society are insisting on a building regulation certificate. Why do Loughborough Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Loughborough Building Society have referred the matter to their valuer. The reason why Loughborough Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.