Frequently asked questions relating to the Loughborough Building Society Solicitor Panel
from members of the public
Am I correct in assuming that the fact that my solicitor is not on the Loughborough Building Society Solicitor panel that there is a problem with the standard of the firm’s work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Loughborough Building Society.
Please help. My solicitor is advising me that he has to conduct a Local Authority search stemming from the fact that the firm are on the Loughborough Building Society conveyancing panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Loughborough Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Loughborough Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Loughborough Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do I need to attend the offices of the Loughborough Building Society conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can attend their offices if required.
Most conveyancing panel lawyers for Loughborough Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My conveyancers in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Loughborough Building Society. Is it case that being on the Loughborough Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Loughborough Building Society Conveyancing Panel Terms. It might be worth you contacting Loughborough Building Society directly.
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.
I have a mortgage with Loughborough Building Society. My uncle has just retired and wants to pay off the mortgage left on the property. After Loughborough 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 Loughborough Building Society conveyancing panel? I do not intend to live at the property once the Loughborough Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Loughborough Building Society conveyancing 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. There's no capital gains tax for you as it is
your main residence.
I have a mortgage with Loughborough Building Society. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Loughborough Building Society?
Your original mortgage agreement with Loughborough Building Society will provide that you need their approval prior to renting your property as this is likely to be a breach of Loughborough Building Society’s mortgage conditions. It may be that Loughborough Building Society 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 solicitor.