Monmouthshire Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This system is the only way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with notifications given on Monmouthshire Building Society’s changes. Even though utilising COMPLETIONmonitor is not a prerequisite for Monmouthshire Building Society , demonstrating you can stay up to date with Monmouthshire Building Society’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your panel standing.

The system generates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, leads to reduced PII premiums.

Find a Law Firm approved by Monmouthshire Building Society

Mortgage companies often change their requirements. The UK Finance Lenders’ Handbook requirements from Monmouthshire 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 2008, Monmouthshire Building Society has made 414 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 6.6 days. In total, 85% of the sections of P2 of the UK Finance Lenders’ Handbook for Monmouthshire Building Society have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
16.5.3a 07/03/2019 CML
3.2.3 07/03/2019 CML
5.14.13 07/03/2019 CML
6.7.1 07/03/2019 CML
3.1.3 07/03/2019 CML
16.5.2 11/10/2018 CML
16.5.3a 11/10/2018 CML
16.5.3b 11/10/2018 CML
5.13.1 11/10/2018 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
6.13.1 11/10/2018 CML

Last update 11/01/2020

FAQs for the Monmouthshire Building Society Conveyancing Panel from members of the public

I am selling my house and the EA has just texted me to advise that the buyers are appointing a new solicitor. The reason given is that Monmouthshire Building Society will only deal with solicitors on their approved list. On what basis would a major mortgage company only engage with certain lawyers?
Banks 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.

Banks 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 conveyancer is asking me for personal identification documents stating that this forms part of his retainer as a conveyancer on the Monmouthshire Building Society Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Monmouthshire Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Monmouthshire Building Society CML Handbook requirements last updated on Monmouthshire Building Society
How up to date is your database of lawyers on the Monmouthshire Building Society conveyancing panel? Do Monmouthshire Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Monmouthshire Building Society conveyancing panel as opposed to being supplied with a list from Monmouthshire Building Society directly.
I am attempting to get my ex-wife removed the mortgage deeds. Can Monmouthshire Building Society really tell me which solicitor I can or can not use?
You can use any solicitor you like but Monmouthshire Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Monmouthshire Building Society solicitors panel
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Monmouthshire Building Society conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I had instructed online conveyancers located in Cardiff who are on the Monmouthshire Building Society solicitor panel. They are now charging me a separate fee of £135 for dealing with the Monmouthshire Building Society mortgage. Is this a supplemental conveyancing fee specified by Monmouthshire 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 Monmouthshire Building Society but by your lawyers. Some firms on the Monmouthshire Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I am currently in the process of buying my council flat. I have a mortgage agreed with Monmouthshire Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Monmouthshire Building Society you will need to appoint a solicitor on the Monmouthshire Building Society conveyancing panel.