Coventry Building Society Conveyancing Lender Panel Compliance Tool

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Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers such as AmTrust. It is a unique risk mitigation tool.

This system assists the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with alerts on Coventry Building Society’s changes. Even though using COMPLETIONmonitor is not a condition for acceptance on the Coventry Building Society panel, demonstrating you can stay up to date with Coventry Building Society’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, protect your panel standing.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, leads to reduced PII premiums.

Find a Law Firm approved by Coventry Building Society

Banks and building societies often vary their requirements. The UK Finance Lenders’ Handbook requirements from Coventry Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes


Since 2008, Coventry Building Society has made 286 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 9.5 days. In total, 50% of the sections of P2 of the UK Finance Lenders’ Handbook for Coventry Building Society have been changed since 15/12/2008.

To find out more about lender panel compliance,

Coventry Building Society Solicitor Panel Recently Asked Questions from members of the public

I am in the process of selling my house and the EA has just called to say that the purchasers are swapping property lawyer. The reason given is that Coventry Building Society will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain law firms?
Lenders have always had an approved set 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.

Banks blame a rise 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 being contacted daily by practices 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 Coventry Building Society will not agree to this. Why was Coventry Building Society even consulted?
Your lawyer being on the Coventry Building Society conveyancing panel is duty bound to inform Coventry Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Coventry Building Society then they would have to discontinue acting for you and Coventry Building Society.
I am Googling for online conveyancing estimates. Can I be assured that all the firms that are identified on your site are on the Coventry Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Coventry Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Coventry Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Coventry Building Society conveyancing panel is not accurate.
We're in London, First timers purchasing with a mortgage (lender is Coventry Building Society , but our lawyer is on the Coventry Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry 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
My wife and I have arranged a further advance on our mortgage from Coventry Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Coventry Building Society conveyancing panel to deal with the paperwork?
Coventry Building Society do not ordinarily instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Coventry Building Society list
My existing mortgage is with Coventry Building Society. My godfather has just retired and wants to pay off my mortgage. After Coventry Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Coventry Building Society conveyancing panel? I do not intend to live at the property once the Coventry Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Coventry Building Society panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Coventry Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Coventry Building Society you will need to appoint a solicitor on the Coventry Building Society conveyancing panel.

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