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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 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.
Am I obliged,
being on the Loughborough Building Society conveyancing panel, to carry out a Chancel Search?
Loughborough Building Society make no specific obligation to carry out
any of the searches listed. The BSA Mortgage Instructions simply
states that ‘you must ensure that any other searches which may be
appropriate to the particular property, taking into account its
locality and other features are carried out’.
Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Loughborough Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check the Loughborough Building Society Specific Requirements of BSA Handbook to be sure), but you are obliged to explain risks and availability to the borrower.
Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one.
My client is looking to acquire a semi detached house for
£607,500 in Cheshire with a mortgage over GBP 525k.
I am on the Loughborough Building Society conveyancing panel but do Loughborough Building Society have a separate approved panel when the advance is above 300,000?
Lexsure only know of a couple of lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain level.
You should nevertheless check directly with Loughborough Building Society. At one stage HSBC would only allow Sole practitioners to act for
them where the mortgage was below £150,000. We are not sure if HSBC
still operate such a condition. In your case it is best to check with
Loughborough Building Society
Why has the Building Society Association introduced its own instructions?
The Building Society Association introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
I rarely receive a copy of a valuation from a lender these days. Does the extent of 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?
There are various requirements are to be followed if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to their old address.
Do publish figures exists revealing the Loughborough Building Society conveyancing panel size and the number of conveyancing firms dismissed each quarter?
With banks and conveyancing firms working so closely together 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 bank panel listings
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:
I am a sole practitioner firm on the Loughborough Building Society conveyancing panel. Do you have ideas as to how we can market our practice as specialists in conveyancing in Hendon who can act for the borrower and Loughborough Building Society?
8 borrowers attempt to locate a solicitor on the Loughborough Building Society panel every 4 weeks in Hendon. The lenderpanel directory service team who will show you how your firm can be found by those searching for conveyancing in Hendon.
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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
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