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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.

Find an Approved Solicitor on the Loughborough Building Society Conveyancing Panel

Common questions asked concerning the Loughborough Building Society Solicitor Panel

Can you please explain the reason why all solicitors are not on the Loughborough Building Society Solicitor panel?
Loughborough Building Society and other mortgage companies normally imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Loughborough Building Society have no responsibility for the quality of advice provided by any member of Loughborough Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
I am due to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Loughborough Building Society. What risks do Loughborough Building Society expect the insurance to cover?
Any lawyer on the Loughborough Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Loughborough Building Society’s Part 2 requirements of the CML Handbook (last updated on Loughborough Building Society). Being on the Loughborough Building Society conveyancing panel your lawyer is expect to follow these requirements.
I have been looking for online conveyancing estimates. Can I be assured that all the practices that are identified on your site are on the Loughborough Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Loughborough Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Loughborough Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Loughborough Building Society conveyancing panel is not accurate.
The firm that I recently instructed on my house acquisition in Brighton has suddenly closed. I only went with them because I needed a solicitor on the Loughborough Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Loughborough Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist
Can I be sure that the solicitor on the Loughborough Building Society panel is any good?
obtaining recommendations is a sensible 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 advise that you speak with the lawyer conducting your transaction
I am selling my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Loughborough Building Society are being pedantic. The solicitor who is on the Loughborough Building Society conveyancing panel is recommending indemnity insurance as a solution 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.
Intending to buy a flat with a mortgage with Loughborough Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Loughborough Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Loughborough Building Society conveyancing panel