FAQs for the Loughborough Building Society Solicitor Panel from members of the public
The solicitor my husband and I wanted to use for conveyancing on a purchase said he will levy higher legal fees if my mortgage is with Loughborough Building Society because of their difficult processes! Am I likely to be frustrated using Loughborough Building Society? Any comments will be appreciated
Loughborough Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Loughborough Building Society conveyancing panel. If they are not, this does add further risk of delay as Loughborough Building Society will appoint their own solicitors to look after their interest.
My partner and I are refinancing our maisonette with Loughborough Building Society. We have a son 19 who lives with us. The solicitor on the Loughborough Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Loughborough Building Society conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Loughborough Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Loughborough Building Society .This is solely used to protect the Loughborough Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Loughborough Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am buying a house and need a conveyancing solicitor in Newcastle who is on the Loughborough Building Society conveyancing. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Loughborough Building Society . We don’t recommend any particular firm.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Loughborough Building Society conveyancing panel in order to deal with paying off 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.
Is it the case that all conveyancing solicitors on the Loughborough Building Society conveyancing panel regulated 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).
I am about to exchange contracts on a purchase with a mortgage from Loughborough Building Society. The report from my solicitor mentions that Loughborough Building Society could withdraw their offer before completion. Is this right?
Lenders such as Loughborough Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Loughborough Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Where information comes to Loughborough Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
- If the solicitor on the Loughborough Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Loughborough Building Society ‘s instructions
I have a mortgage with Loughborough Building Society. My grandfather retired last week and wants to pay off my mortgage. 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.