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 professional indemnity insures. It is a unique risk management tool.

This system optimises the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Monmouthshire Building Society’s changes. Even though using COMPLETIONmonitor is not a condition for acceptance on the Monmouthshire Building Society panel, demonstrating you can remain up to date with Monmouthshire Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your firm’s panel standing.

The system generates real-time alerts, automatically produces compliance and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Monmouthshire Building Society

Lenders often vary 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.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
17.2.1a 07/03/2019 CML
3.2.4 07/03/2019 CML
5.5.3c 07/03/2019 CML
3.1.3 07/03/2019 CML
1.11a 11/10/2018 CML
16.1.1 11/10/2018 CML
3.2.4 11/10/2018 CML
5.15.2a 11/10/2018 CML
5.7.1c 11/10/2018 CML Flying Freehold Indemnity Insurance
3.1.5 11/10/2018 CML

Last update 12/11/2019

Monmouthshire Building Society Solicitor Panel Example Support Desk Enquires from members of the public

I have just been informed by my estate agent that my the law firm I have appointed is not on the Monmouthshire Building Society Solicitor panel. How can I be certain that this is indeed the case?
You need to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for Monmouthshire Building Society.
My lawyer has identified a difference between the surveyor’s assumptions in Monmouthshire Building Society’s home valuation survey and what is in the conveyancing documents. My solicitor informs me that as he is on the Monmouthshire Building Society conveyancing panel he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I have been searching for competitive conveyancing fees. Can I be confident that all the firms that are listed on your site are on the Monmouthshire Building Society conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Monmouthshire Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Monmouthshire Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Monmouthshire Building Society conveyancing panel is not accurate.
I am considering applying for a Monmouthshire Building Society mortgage for purchase of a newly converted (under development) with 60% 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.
is it true that all conveyancing solicitors on the Monmouthshire Building Society conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Monmouthshire Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Why might a lender such as Monmouthshire Building Society withdraw a mortgage offer?
Lenders such as Monmouthshire Building Society can withdraw their mortgage offer although this is unusual. should Monmouthshire Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
  • If the borrower informs Monmouthshire Building Society of a change in security address
  • Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
  • Where the lender has to take account a recent change in law
  • Where the sale is not at arms length for value to unconnected persons
  • If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Monmouthshire 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 Monmouthshire Building Society or your broker and complete any relevant paperwork. Monmouthshire Building Society will tell you what documents they want. Monmouthshire 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. Monmouthshire 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.