Loughborough Building Society Conveyancing Panel Information

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:

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

The BSA is an association rather than a regulator and therefore do not investigate complaints against lenders. You can of course contact Lexsure to see if we can assist.

We have not been informed any intention on the part of the BSA to promote such a tool .

The fact of the matter is that estate agents are feeling the pain if their clients start out on the conveyancing process using a solicitor 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.

Each lender has different 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):

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

In order to be on the Loughborough Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Loughborough Building Society) are as follows:

• To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
• To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
• If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
• You have the consent of all borrowers to apply for the deeds, before making any request for deeds. We will accept your request for deeds on the understanding that you have obtained such consent. If this is not the case then you should advise our Deeds Services Department in writing when you make your request
• To quote on all communications with us relating to deeds issues, whether by telephone or in writing, the panel number that we provide for each practising address and the mortgage account or application number for the mortgage concerned.

The BSA Mortgage Instructions don't specifically deal with Solar Panels but it would be prudent as approved solicitors for Loughborough Building Society to raise the issue with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you need to raise the appropriate questions for your buyer client.

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:

• Santander Conveyancing Panel
• National Westminster Bank Conveyancing Panel
• Royal Bank of Scotland Conveyancing Panel
• HSBC Conveyancing Panel
• Lloyds Conveyancing Panel