Monmouthshire Building Society Conveyancing Lender Panel Compliance Tool

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

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with automatic updates on Monmouthshire Building Society’s changes. Even though utilising this technology is not a prerequisite for Monmouthshire Building Society , demonstrating you can remain up to date with Monmouthshire Building Society’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, protect your firm’s panel status.

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

Find a Law Firm approved by Monmouthshire Building Society

Lenders frequently 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, over time:

A Timeline of Policy Changes

Since 2008, Monmouthshire Building Society has made 415 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
6.7.1 20/08/2019 CML
14.1.5 27/03/2019 CML
1.14 07/03/2019 CML
14.2.2 07/03/2019 CML
14.2.1 11/10/2018 CML
1.7 11/10/2018 CML
5.5.4 11/10/2018 CML Restrictive Covenant Indemnity Insurance
6.2.1 11/10/2018 CML
6.6.4 11/10/2018 CML
5.20.4 11/10/2018 CML

Last update 26/03/2020

Frequently asked questions relating to the Monmouthshire Building Society Solicitor Panel from members of the public

For what reasons would a firm of solicitors be removed from the Monmouthshire Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
  1. Low volume of transactions
  2. the lawyer is a sole practitioner
  3. as part of the HSBC panel reduction
  4. regulatory contact by SRA
  5. accidental removal. We are not aware of the specific or common criteria for removal by Monmouthshire Building Society
We are getting closer to an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Monmouthshire Building Society. I am advised that, being on the Monmouthshire Building Society conveyancing panel and acting on their behalf he must inform Monmouthshire Building Society if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Monmouthshire Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Monmouthshire Building Society if you agree, failing which, your lawyer must cease to continue acting.
I am looking to buy a property and need a conveyancing solicitor in who is on the Monmouthshire Building Society approved. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Monmouthshire Building Society . We don’t recommend any particular firm.
I am trying to get my ex-wife removed the mortgage deeds. Can Monmouthshire Building Society really insist on which solicitor I can or can not retain?
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
I previously instructed online solicitors based in Cardiff who are on the Monmouthshire Building Society solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Monmouthshire Building Society mortgage. Is this a supplemental conveyancing fee set 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 offer with Monmouthshire Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
After shopping around on the internet I have found a solicitor having made sure that they are on the Monmouthshire Building Society conveyancing panel. Does my lawyer arrange the survey of the property? Or I've digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Monmouthshire Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Monmouthshire Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Monmouthshire Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Monmouthshire Building Society you could contact your them to see if they have a list of approved surveyors.