Loughborough Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Loughborough Building Society and to assist in remaining on the Loughborough Building Society Approved Conveyancing Solicitors Panel.

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Loughborough Building Society Solicitor Panel Information:

What are the Loughborough Building Society conveyancing panel criteria?

Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements. The Special Requirements state:

The Society uses Legal Marketing Services Ltd (LMS) for its panel arrangements who will require the following information:

1) Up to date practising certificates for a minimum of 2 regulated principals;

2) Copy of professional indemnity insurance cover for a minimum of £2m(£3m if the firm is an LLP or company).

Any panel application is subject to individual assessment and approval.

Please contact the Society through the LMS SecureLink portal on the Conveyancer Zone. Alternatively you can contact the Society by telephoning 01509 631966 or emailing MortgageAdmin@theloughborough.co.uk

You must also comply with the terms and conditions of your Loughborough Building Society solicitor panel appointment.

Given my firm’s membership on the Loughborough Building Society conveyancing panel how long am I obliged to archive the complete conveyancing file?

The BSA Mortgage Instructions state that the firm must keep the file for a minimum six years from the date of the mortgage. Data imaging is normally suitable compliance with this requirement. As a firm on the Loughborough Building Society conveyancing panel you must allow Loughborough Building Society to conduct such reasonable audit of your information security measures as Loughborough Building Society or their agents may to ensure your compliance with your file retention obligations.

Do you have any idea what Lenders such as Loughborough Building Society are asking for when it comes to applying to be on their approved conveyancing panel?

Although not necessarily published, lenders have varying criteria . We do not hold specific requirements relating to the questions raised as part of the application to be on the Loughborough Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

List of all those who can sign off the Certificate Of Title
Full disciplinary history for each conveyancing solicitor
House price discrepancies (declared to lender vs. registered at Land Registry)
Whether the firm is able to operate in other jurisdictions
Summary of annual accounts
Firm name, address and contact details including all branches (including evidence of existence through risk-based physical visits and Google Streetview checks)
Whether the firm has ever applied for accreditation and the outcome of the application
Whether any lender has ever made a claim against the firm’s PII cover
Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Loughborough Building Society and other building societies have restricted their panel over the years. Why?

The feeling from lenders generally (we can not speak for Loughborough Building Society specifically), is that for too long solicitors have concentrated on their duty of care to their purchasing client, and have paid scant attention to the duty they owe to the lender, whom they conveniently forget is also their client.

Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members

Loughborough Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.

My firm is not on the Loughborough Building Society conveyancing panel among other lenders . My clients, who have applied for a mortgage with Loughborough Building Society would still like to instruct me regardless of the fact that we are not on the Loughborough Building Society panel. Am I doing anything wrong is suggesting to my client that they use a local to act for Loughborough Building Society on mortgage aspect of the transaction?

Please tread carefully here as what you are proposing may not be acceptable to the lender. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. Lenders such as Nationwide BS make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.

The firm that I work for is on the Loughborough Building Society conveyancing panel. I am dealing with Loughborough Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Loughborough Building Society. What do I do in this conflict situation?

When a solicitor is acting for both Loughborough Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent.

In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Loughborough Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Loughborough Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Loughborough Building Society conveyancing panel status.

Do publish figures exists regarding the Loughborough Building Society conveyancing panel size and the number of conveyancing firms dismissed each year?

With mortgage companies and solicitors working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Loughborough Building Society conveyancing panel but for all lender panels

What lender panels do you receive the most questions about?

BSA lenders do not come within the top 20 lenders in terms of frequency of questions. The most popular lender panels in terms of questions are as follows:

Find a Lawyer on the Loughborough Building Society Approved Conveyancing Solicitors Panel

Average number of days to register title including a charge in favour of Loughborough Building Society

This information relates to purchase only and not remortgages.

Year	Days*
2026	[no data]
2025	[no data]
2024	[no data]
2023	[no data]
2022	[no data]
2021	[no data]

* Data aggregated from sources including COMPLETIONmonitor

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