Loughborough Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This software facilitates the way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Loughborough Building Society’s changes. Even though using the software is not a condition for acceptance on the Loughborough Building Society panel, demonstrating you can stay up to date with Loughborough Building Society’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your firm’s panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces compliance and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Loughborough Building Society

Mortgage companies often vary their requirements. The BSA instructions from Loughborough Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes


Since 2010, Loughborough Building Society has made 45 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 60.7 days. In total, 36% of the sections of the BSA Requirements for Loughborough Building Society have been changed since 26/1/2010.

To find out more about lender panel compliance,

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Common questions asked concerning the Loughborough Building Society Solicitor Panel from members of the public

My financial adviser has has requested my lawyer’ panel reference for the Loughborough Building Society conveyancing panel. What is the best way to obtain this. I have contacted my local Loughborough Building Society office but they cant find it on their system.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the Loughborough Building Society panel reference.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Loughborough Building Society will not agree to this. Why was Loughborough Building Society even consulted?
Your lawyer being on the Loughborough Building Society conveyancing panel is duty bound to inform Loughborough Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Loughborough Building Society then they would have to discontinue acting for you and Loughborough Building Society.
I require the services of 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. After all the cost is only one £1 a month
I am buying a right to buy flat and getting a mortgage with Loughborough Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Loughborough Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Loughborough Building Society conveyancing panel in your location.
In what circumstances might Loughborough Building Society amend or withdraw their mortgage offer?
Banks and Building Societies such as Loughborough Building Society can revoke their mortgage offer although this rarely happens. If Loughborough Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few 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
  • Many mortgage offers have an expiry date. Your lawyer should check this. Loughborough Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
  • If the financial circumstances of the borrower have changed to the detriment and the Loughborough Building Society has been notified
  • Where the lender has to take account a recent change in law
  • 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 agreed a price on a house I spoke to a solicitor recommended by my brother and he suggested instructing a property lawyers approved by Loughborough Building Society. The estate agent recommended two local firms so I asked Loughborough Building Society if the 2 suggested solicitors are approved, which they are not. Loughborough Building Society pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Loughborough Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Loughborough Building Society to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Loughborough Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Loughborough Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Loughborough Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Intending to buy 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 Building Society 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