Looking for information about your firm's panel status?
Loughborough Building Society Conveyancing 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 requires your firm or company to be a member of our conveyancing panel. You must be CQS accredited, must have submitted an application form, be registered on www.lawsociety.org
, or www.conveyancer.org.uk
, produced your current Practising Certificate(s) for a minimum of 2 regulated principals, together with evidence of professional indemnity insurance cover for a minimum of £2m (£3m if the firm is a Limited Liability Partnership or a company). Any panel application is subject to individual assessment and approval.
You must also comply with the terms and conditions of your Loughborough Building Society solicitor panel appointment.
Do Loughborough Building Society or the BSA run professional training Courses for the Loughborough Building Society approved conveyancing panel in the same way that CQS run CPD Courses for accredited firms?
The BSA do not involve themselves in training but they do organise numerous general conveyancing related conferences which are attended by firms on the Loughborough Building Society conveyancing panel. Lexsure intend to run specific lender focused seminars in the near future including a webinar on Loughborough Building Society’s requirements . Practitioners on the Loughborough Building Society conveyancing panel will be invited . Further details will be made available as part of the LENDERmonitor change Notifications .
Is it conceivable that Loughborough Building Society will instruct a different solicitor on the Loughborough Building Society conveyancing panel for a further advance during the lifetime of a mortgage ?
The BSA Mortgage Instructions relevant to a solicitor on the Loughborough Building Society conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Loughborough Building Society conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction must be followed .
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel ?
Many estate agents are feeling the pain if their clients start out on the buying process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors lawyers.
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.
I seldom receive a copy of a lender valuation any more. Do my Loughborough Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Loughborough Building Society as the Mortgagee?
You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. First, You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to their old address.
Can the BSA assist me in an appeal having not been accepted onto the Loughborough Building Society conveyancing panel?
If you have not been accepted or indeed been removed from the Loughborough Building Society conveyancing panel then the BSA will not have any part to play in influencing Loughborough Building Society in changing their mind. Please contact us here at Lexsure so that we can put you in touch with a consultant who may be able to assist. At the very least it’s worth a call to us.
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
powered by LenderPanel
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* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Loughborough Building Society Firms
- Draft Report on Title precedent for Loughborough Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Loughborough Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Loughborough Building Society lender panel
- Buy-to-Let help for Loughborough Building Society
- Consent-to-Let help for Loughborough Building Society
- Contractor Mortgages with Loughborough Building Society
