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approved by Loughborough Building Society
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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How does my firm apply to be on the Loughborough Building Society Conveyancing Panel? How can my firm be reinstated onto the Loughborough Building Society Conveyancing Panel?Find an Approved Solicitor on the Loughborough Building Society Conveyancing Panel
Q and A’s regarding the Loughborough Building Society Conveyancing Panel
I have just been informed by my mortgage adviser that my solicitor is not on the Loughborough Building Society Conveyancing panel. How can I be sure that this is correct?
The first thing you need to do is to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the the approved Loughborough Building Society solicitor panel.
Please help. My conveyancer is advising me that he is legally obliged to apply for a Local Authority search stemming from the fact that the firm are on the Loughborough Building Society conveyancing panel. Is this really necessary?
You have limited options available to you. As you are taking a mortgage with Loughborough Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Loughborough Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Loughborough Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I note that you have a search directory identifying firms on the Loughborough Building Society conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Loughborough Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Loughborough Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Loughborough Building Society will insist on your using a conveyancer on the Loughborough Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Loughborough Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Loughborough Building Society mortgage is registered as a charge at the Land Registry.
Are all solicitor firms on the Loughborough Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Loughborough Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Planning on purchasing a flat with a mortgage with Loughborough Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Loughborough Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Loughborough Building Society conveyancing panel
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Loughborough Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Loughborough Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Loughborough Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.