Monmouthshire Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers. COMPLETIONmonitor is a unique risk management tool.

This system facilitates the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Monmouthshire Building Society’s changes. While using COMPLETIONmonitor is not a prerequisite for Monmouthshire Building Society , demonstrating you can remain up to date with Monmouthshire Building Society’s Handbook requirements is a helpful support to your panel application and, just as importantly, protect your panel standing.

The software creates real-time alerts, automatically produces SRA and CQS reports, and will increase your firm's efficiency. It is also user friendly, cost-effective and, for many firms, leads to a PII saving.

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, over time:

A Timeline of Policy Changes

Since 2008, Monmouthshire Building Society has made 408 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 6.7 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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Recent Changes Include

# Date Assoc. Changes Related To
10.2b 07/03/2019 CML
1.14 07/03/2019 CML
16.5.3d 07/03/2019 CML
16.1.1 11/10/2018 CML
5.19.1 11/10/2018 CML
5.10.1 11/10/2018 CML
6.11.1 11/10/2018 CML Obstruction of Access Indemnity Insurance
6.2.1 11/10/2018 CML
6.6.1 11/10/2018 CML
1.11b 25/10/2017 CML

Last update 17/03/2019

Q and A’s regarding the Monmouthshire Building Society Solicitor Panel from members of the public

I appointed a law firm to conduct the legal paperwork on my house purchase three weeks ago having applied for a mortgage with Monmouthshire Building Society. The firm confirmed to me that they are on Monmouthshire Building Society conveyancing panel and advised me their panel reference. Monmouthshire Building Society then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the conveyancing panel for Monmouthshire Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Monmouthshire Building Society as to how long they think it will take to get the firm to get back on the panel.
I am purchasing a new build apartment and my conveyancer is telling me that she has to reveal incentives from the seller as her firm is on the Monmouthshire Building Society conveyancing panel. I am nearing the developer’s deadline to exchange and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Monmouthshire Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Monmouthshire Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the lawyers identified as being on the Monmouthshire Building Society conveyancing panel, together with their details provided by Monmouthshire Building Society?
The firms 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 was scheduled to complete on my flat two days ago. My solicitor is on the Monmouthshire Building Society solicitors panel but has moved offices in the past couple of months and had not informed Monmouthshire Building Society of their new address. Monmouthshire Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Monmouthshire Building Society branch or your mortgage broker to see if they can help.
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 £135 for the legal aspects of 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 and others do not.
My wife and I have arranged a further advance on our mortgage from Monmouthshire Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Monmouthshire Building Society conveyancing panel to deal with the legals?
Monmouthshire Building Society would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Monmouthshire Building Society panel
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Monmouthshire Building Society conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Monmouthshire Building Society. All solicitors and conveyancer must have a complaints procedure. Usually one can find this 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 properly dealt with 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.