Loughborough Building Society Conveyancing Panel : Questions and Answers
from members of the public
My mortgage broker has has requested my lawyer’ panel reference for the Loughborough Building Society conveyancing panel. How do I obtain this. I have e-mailed my local Loughborough Building Society office but they have not got back to me yet.
You are best placed to get this information from your conveyancing lawyer. They should have a central record lender panel numbers including the Loughborough Building Society panel reference.
My property lawyer has requested from me proof of ID documents asserting that this forms part of his requirements as a solicitor on the Loughborough Building Society Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Loughborough Building Society your lawyer also has to check ID documents to satisfy Loughborough Building Society
I need to find a Loughborough Building Society panel solicitor in Stirling. Can you assist?
Unfortunately it’s not apparent why you need a Loughborough Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Loughborough Building Society to find out which solicitors in Loughborough Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
My uncle passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £5k. 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.
Do conveyancing lawyers on the Loughborough Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
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.
Planning on purchasing a flat with a mortgage with Loughborough Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Loughborough Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Loughborough Building Society conveyancing panel