Monmouthshire 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. COMPLETIONmonitor is a unique risk management tool.

This software assists the 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. Notwithstanding that utilising the software is not a condition for being on the Monmouthshire Building Society panel, demonstrating you can stay 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, safeguard your firm’s panel standing.

The software generates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by Monmouthshire Building Society

Banks and building societies 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 416 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.

To find out more about lender panel compliance,

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Monmouthshire Building Society Conveyancing Panel : Questions and Answers from members of the public

Is the fact that my solicitor is not isted on the Monmouthshire Building Society Solicitor panel that there is a problem with the quality of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Monmouthshire Building Society.
We are approaching 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 mortgage so is it really necessary for this now to be an issue?
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.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Monmouthshire Building Society conveyancing panel. My lawyer has said that they are on the Monmouthshire 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 Monmouthshire 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 Monmouthshire Building Society solicitor panel.
I am considering applying for a Monmouthshire Building Society mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Monmouthshire Building Society?
In theory, you could use a solicitor that is not on Monmouthshire Building Society conveyancing panel, but Monmouthshire Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer 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 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.
I was told four weeks ago that my mortgage has been agreed to by Monmouthshire Building Society. Is it usual for Monmouthshire Building Society to only issue the offer once my solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Monmouthshire Building Society to deal with your lawyers application to be on the Monmouthshire Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
My husband and I are acquiring a terraced house in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My colleaguerecommended that we make sure that the conveyancer in Hendon is on the Monmouthshire Building Society panel. Is this really necessary?
Far from all Hendon conveyancing firms are on the Monmouthshire Building Society conveyancing panel. Use the above search tool to search for a Hendon conveyancing practitioner on the on the Monmouthshire Building Society approved list of lawyers.