Frequently asked questions relating to the Loughborough Building Society Conveyancing Panel from members of the public
I am obtaining a mortgage with Loughborough Building Society. I hope to use a Licensed Conveyancer. Does the Loughborough Building Society Solicitor panel exclude Licensed Conveyancers
Loughborough Building Society’s approved solicitor list is, like many other lenders represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our solicitor has discovered a problem with the lease for the property we are buying. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the Loughborough Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Loughborough Building Society?
Just because you have a mortgage offer from Loughborough Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Loughborough Building Society are the client. These conveyancing instructions have to be complied with by the Loughborough Building Society conveyancing panel who has to balance acting for you and Loughborough Building Society
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Loughborough Building Society conveyancing panel. My lawyer has said that they are on the Loughborough Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Loughborough Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Loughborough Building Society solicitor panel.
The solicitors that just started acting on my purchase in Manchester has suddenly shut down. I only went with them because I needed a firm on the Loughborough Building Society conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Loughborough Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
The for formalities of my purchase has taken place with a loan from Loughborough Building Society. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Loughborough Building Society. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Loughborough Building Society branches or the Customer Services Team at Loughborough Building Society head office. In most cases complaints to Loughborough Building Society are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Can I register a complaint to Loughborough Building Society about the lawyers being on the Loughborough Building Society conveyancing panel?
There is little point in complaining directly to Loughborough Building Society. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Loughborough Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Loughborough Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Loughborough Building Society panel she or he must comply with the CML Handbook requirements for Loughborough Building Society. Unless your lawyer obtains specific confirmation in writing that Loughborough Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Loughborough Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.