Loughborough Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. It is a unique risk management tool.

This system facilitates the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with notifications given on Loughborough Building Society’s changes. While using this technology is not a prerequisite for Loughborough Building Society , demonstrating you can stay up to date with Loughborough Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, protect your firm’s panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces SRA and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Loughborough Building Society

Lenders frequently 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, frequently:

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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Recent Changes Include

# Date Assoc. Changes Related To
D.43 05/12/2018 BSA
D.32 14/10/2016 BSA
D.34 14/10/2016 BSA
C.2 14/10/2016 BSA
B.3 14/10/2016 BSA
A.3 29/01/2014 BSA
C.19 29/01/2014 BSA
C.20 29/01/2014 BSA
D.43 29/01/2014 BSA
E.1 29/01/2014 BSA

Last update 19/01/2019

Loughborough Building Society Conveyancing Panel Example Support Desk Enquires from members of the public

It has come to my attention via my mortgage adviser that my solicitor is not on the Loughborough Building Society Conveyancing panel. How can I check?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Loughborough Building Society.
My solicitor has identified an inconsistency when comparing the surveyor’s assumptions in Loughborough Building Society’s home valuation report and what is in the title deeds. My solicitor has advised that as he is on the Loughborough Building Society conveyancing panel he is duty bound to ensure that the lender is happy with this discrepancy and is content go ahead. Is my conveyancer’s stance correct?
A precondition to being on the Loughborough Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Loughborough Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I have to pop into the offices of the Loughborough Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Liverpool so that I can attend their offices if necessary.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool .
I am selling my house. 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.
I previously instructed online conveyancers located in Cardiff who are on the Loughborough Building Society solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Loughborough Building Society mortgage. Is this a supplemental conveyancing fee specified by Loughborough Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Loughborough Building Society but by your lawyers. Some firms on the Loughborough Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have not been happy with the level or service received from my lawyer. Is there a Loughborough Building Society conveyancing panel complaints department or do I complain directly to the law firm?
Complaining to Loughborough Building Society about their conveyancing panel is unlikely to yield much of a response. All solicitors 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.

After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Loughborough Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Loughborough Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.