Find an Approved Solicitor on the Loughborough Building Society
Common questions asked concerning the Loughborough Building Society Conveyancing Panel
I am in the process of selling my house and the EA has just e-mailed to advise that the purchasers are switching law firm. I am told that this is due to the fact that Loughborough Building Society will only deal with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders 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 hearing daily from firms 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Loughborough Building Society will not agree to this. Why was Loughborough Building Society even consulted?
Your lawyer being on the Loughborough Building Society conveyancing panel is duty bound to inform Loughborough Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Loughborough Building Society then they would have to discontinue acting for you and Loughborough Building Society.
Are there any apps to help find a local solicitor on the Loughborough Building Society conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the lawyer.
You can use the find a conveyancing panel search 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 Loughborough Building Society solicitor panel.
Can you clarify what the consequences are if my solicitor is removed from the Loughborough Building Society Solicitor panel prior to the moving date as agreed at exchange of contracts?
First, 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 for a fee.
I am about to exchange contracts on a purchase with a mortgage from Loughborough Building Society. The report from my solicitor mentions that Loughborough Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Loughborough Building Society can revoke their mortgage offer although this rarely happens. In the unlikely event that Loughborough Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
Where information comes to Loughborough Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
Where to proceed with the Mortgage offer would be unlawful
Where the sale is not at arms length for value to unconnected persons
If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
We have had an offer accepted on a apartment I spoke to a solicitor previously used by my brother and he advised instructing a solicitor approved by Loughborough Building Society. The estate agent recommended two local firms so I asked Loughborough Building Society if the 2 suggested solicitors are approved, which they are not. Loughborough Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Loughborough Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Loughborough Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Loughborough Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Loughborough Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Loughborough Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Can I register a complaint to Loughborough Building Society about the lawyers being on the Loughborough Building Society conveyancing panel?
There is little point in complaining directly to Loughborough Building Society. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.