Loughborough Building Society Conveyancing Panel : Questions and Answers from members of the public
I instructed a law firm to conduct the legal paperwork on my remortgage six weeks ago having applied for a mortgage with Loughborough Building Society. The law firm assured me that they are on Loughborough Building Society conveyancing panel and provided me their panel reference. Loughborough Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for Loughborough Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Loughborough Building Society as to the time frame to get your lawyer reinstated on the panel once again.
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Loughborough Building Society was issued random date and we have agreed a date for me to move into the property on 6. My solicitor has advised that as she is on the Loughborough Building Society conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
A precondition to being on the Loughborough Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Loughborough Building Society)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Loughborough Building Society.
I note that you have a search directory listing law firms on the Loughborough Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Loughborough Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was expecting to move into my dream home two days ago. My solicitor is on the Loughborough Building Society conveyancing panel but has moved offices in the past couple of months and had not advised Loughborough Building Society of their new address. Loughborough Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Loughborough Building Society branch or your mortgage broker to see if they can help.
Are all conveyancing solicitors on the Loughborough Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Loughborough Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My husband and I are spending time looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Loughborough Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Loughborough Building Society , make sure you remember to check that your lawyer is on the Loughborough Building Society conveyancing panel.
My ex -wife’s name is on the Loughborough Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Loughborough Building Society mortgage in order to sell?
As regards the Loughborough Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Loughborough Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
