Find an Approved Solicitor on the Loughborough Building Society
Frequently asked questions relating to the Loughborough Building Society Conveyancing Panel
My husband and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Loughborough Building Society have this morning contacted us to inform me that they have now hit a problem as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Loughborough Building Society and see if they can apply for membership of the Loughborough Building Society conveyancing panel, but if that is not viable Loughborough Building Society will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Loughborough Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am due to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Loughborough Building Society. What risks do Loughborough Building Society expect the insurance to cover?
All property lawyers 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 instructions.
I am planning to acquire a property and require a conveyancing solicitor in Birmingham who is on the Loughborough Building Society conveyancing. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Loughborough Building Society . We don’t recommend any particular firm.
My grandfather passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. 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 allowed?
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.
We have a mortgage agreed in principle with Loughborough Building Society. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Loughborough Building Society?
Some lenders take longer than others. Have Loughborough Building Society done the valuation? Have you advised Loughborough Building Society as your lawyers details and checked that your lawyer is on the Loughborough Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Loughborough Building Society conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Loughborough Building Society. All solicitors 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 addressed 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.
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.