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Ready to buy a new home? Failing to check that a lawyer is on the Loughborough Building Society list of approved solicitors can put your transaction at risk of delay or failure.
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My husband and I are buying a 2 bedroom flat in Hackney with a mortgage from Loughborough Building Society. We would like to retain our lawyer but Loughborough Building Society says he's not on their "panel". We have to appoint one of the Loughborough Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Loughborough Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Loughborough Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Loughborough Building Society
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Loughborough Building Society. Apparently, being on the Loughborough Building Society conveyancing panel and acting on their behalf he must inform Loughborough Building Society if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Loughborough Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Loughborough Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Loughborough Building Society conveyancing panel. My lawyer has said that they are on the Loughborough Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Loughborough Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Loughborough Building Society solicitor panel.
I am buying a new build flat and getting a mortgage with Loughborough Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Loughborough Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Loughborough Building Society conveyancing panel in your location.
Do conveyancing lawyers on the Loughborough Building Society conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
The mortgage over my property is with Loughborough Building Society. Conveyancing has been completed some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Loughborough Building Society?
Loughborough Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Loughborough Building Society’s mortgage conditions. It may be that Loughborough Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Loughborough Building Society directly. You need not do this via a Loughborough Building Society conveyancing panel firm.
We are are buying a flat in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My agentrecommended that we make sure that the conveyancer in Hendon is on the Loughborough Building Society panel. Aren't all lawyers on the Loughborough Building Society panel?
Not all Hendon conveyancing solicitors are on the Loughborough Building Society conveyancing panel. 7 people a month use our search tool to find a Hendon conveyancing lawyer on the on the Loughborough Building Society panel.