FAQs for the Loughborough Building Society Solicitor Panel from members of the public
Can you please explain the reason why all UK lawyers aren't included on the Loughborough Building Society Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our grandson is purchasing a newly built flat with a home loan from Loughborough Building Society. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Loughborough Building Society conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Loughborough Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
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.
I am selling my house. Does my solicitor have to be on the Loughborough Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Loughborough Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I can not work out if my mortgage offer requires a lease extension . I have telephoned Loughborough Building Society on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Loughborough Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Loughborough Building Society. Unless your lawyer obtains specific confirmation in writing that Loughborough Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Loughborough Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Loughborough Building Society are being difficult. The solicitor who is on the Loughborough Building Society conveyancing panel is saying indemnity insurance will be fine but Loughborough Building Society are requiring a building regulation certificate. Why do Loughborough Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Loughborough Building Society have referred the matter to their valuer. The reason why Loughborough Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
I had an offer accepted on a house on the 5th February 2014, valuation was booked 2 days later, all came back fine. Conveyancer retained, so all that was missing was my mortgage offer. Having made daily calls to Loughborough Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Loughborough Building Society conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Loughborough Building Society to deal with your lawyers application to be on the Loughborough Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
