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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
Frequently asked questions relating to the Loughborough Building Society Solicitor Panel
Is the fact that my conveyancer is not on the Loughborough Building Society Conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Loughborough Building Society.
Please assist. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Loughborough Building Society was date stamped random date and we have agreed a date for me to move into the property on Tues etc. My lawyer informs me that as she is on the Loughborough Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions to being on the Loughborough Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Loughborough Building Society)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Loughborough Building Society.
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.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Loughborough Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Loughborough Building Society will insist on your using a conveyancer on the Loughborough Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Loughborough Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Loughborough Building Society mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Loughborough Building Society conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
Do conveyancing lawyers on the Loughborough Building Society conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I currently have a mortgage with with Loughborough Building Society. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Loughborough Building Society?
Your original mortgage agreement with Loughborough Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Loughborough Building Society’s mortgage conditions. It may be that Loughborough Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Loughborough Building Society directly. It should not be necessary to do this via a Loughborough Building Society conveyancing panel lawyer.