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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.
Looking for information about your firm's panel status?How does my firm apply to be on the Loughborough Building Society Conveyancing Panel? How can my firm be reinstated onto the Loughborough Building Society Conveyancing Panel?
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Common questions asked concerning the Loughborough Building Society Solicitor Panel
My mortgage broker has has requested my law firm’s panel member for the Loughborough Building Society conveyancing panel. Can you suggest how I obtain this. I have called my local Loughborough Building Society office but they don't know it.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the Loughborough Building Society panel reference.
Much to my surprise my lawyer has requested from me identification documents stating that this is part of his legal duty as a solicitor on the Loughborough Building Society Conveyancing panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Loughborough Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Loughborough Building Society CML Handbook requirements last updated on Loughborough Building Society
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Loughborough Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Liverpool, FTBs buying with a mortgage (lender is Loughborough Building Society , but our solicitor is on the Loughborough Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Loughborough Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all conveyancing solicitors on the Loughborough Building Society conveyancing panel overseen by the SRA?
As a firm of 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).
The mortgage over my property is with Loughborough Building Society. Conveyancing has been completed 12 months ago. Should I wish 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?
You must advise Loughborough Building Society before renting your property as this is likely to be a breach of Loughborough Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent 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. You need not do this via a Loughborough Building Society conveyancing panel lawyer.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Loughborough Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Loughborough Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Loughborough Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.