Loughborough Building Society Conveyancing Panel : Questions and Answers from members of the public
My Conveyancer is not on the Loughborough Building Society Approved Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the Loughborough Building Society approved list?
You will need to have a conveyancer complete the legal work required when you take out a Loughborough Building Society mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Loughborough Building Society conveyancing panel additional costs will be incurred as separate legal representation will be required by Loughborough Building Society. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Our lawyer has discovered a legal deficiency with the lease for the property we are purchasing. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Loughborough Building Society conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Loughborough Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Loughborough Building Society are the client. A precondition 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Loughborough Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Is it necessary during the course of the conveyancing process to pop into the offices of the Loughborough Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Liverpool
so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
.
The lawyers that just started acting on my house acquisition in Hendon has suddenly closed. They were on acting for me because I needed a solicitor on the Loughborough Building Society conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to 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 should be in a position to assist
When it comes to lenders such as Loughborough Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Loughborough Building Society conveyancing panel requirements are different to Loughborough Building Society’s conveyancing panel criteria.
My brother and I have agreed a price on a house I spoke to a conveyancer previously used by my brother and he suggested using a property lawyers approved by Loughborough Building Society. The estate agent recommended two local firms so I asked Loughborough Building Society if the 2 suggested solicitors are approved, which they are not. Loughborough Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Loughborough Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Loughborough Building Society for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Loughborough Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Loughborough Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Loughborough Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.