Mansfield 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 CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.

This software is the only way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Mansfield Building Society’s changes. Even though using the tool is not a condition for being on the Mansfield Building Society panel, demonstrating you can remain up to date with Mansfield Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Mansfield Building Society

Lenders frequently vary their requirements. The BSA instructions from Mansfield 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, Mansfield Building Society has made 6 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 455.0 days. In total, 4% of the sections of the BSA Requirements for Mansfield Building Society have been changed since 26/1/2010.

To find out more about lender panel compliance,

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Q and A’s regarding the Mansfield Building Society Conveyancing Panel from members of the public

I am in the process of selling my flat and the EA has just texted me to warn that the buyers are appointing a new property lawyer. The reason given is that Mansfield Building Society will only deal with solicitors on their approved list. On what basis would a major lender only work with certain law firms?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.

Our solicitor has uncovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the Mansfield Building Society conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Mansfield Building Society?
Just because you have a mortgage offer from Mansfield 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 Mansfield Building Society are the client. These conveyancing instructions have to be complied with by the Mansfield Building Society conveyancing panel who has to balance acting for you and Mansfield Building Society
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Mansfield Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Mansfield Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Mansfield 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.
Two weeks ago we had a mortgage agreed in principle with Mansfield Building Society. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Mansfield Building Society?
There is no definitive answer here. Have Mansfield Building Society done the valuation? Have you advised Mansfield Building Society as your lawyers details and checked that your lawyer is on the Mansfield Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Mansfield Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Mansfield Building Society or your broker and complete any relevant paperwork. Mansfield Building Society will tell you what documents they want. Mansfield Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Mansfield Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
We are are remortgaging a penthouse in Hendon. Conveyancing solicitors in Hendon will soon beappointed. My friendrecommended that we make sure that the conveyancing practitioner in Hendon is on the Mansfield Building Society panel. Aren't all lawyers on the Mansfield Building Society panel?
Far from all Hendon conveyancing firms are on the Mansfield Building Society conveyancing panel. 8 people a month use our search tool to locate a Hendon conveyancing practitioner on the on the Mansfield Building Society panel.