Loughborough Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Loughborough Building Society and to assist in remaining on the Loughborough Building Society Approved Conveyancing Solicitors Panel.

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Loughborough Building Society Conveyancing Panel Assistance:

What are the Loughborough Building Society conveyancing panel arrangements?

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 training seminars for the Loughborough Building Society approved conveyancing panel in much the same way that the Law Society run cases for CQS accedited practices?

This not something that the BSA would traditionally get involved with however they do provided numerous useful legal related conferences which are attended by firms on the Loughborough Building Society conveyancing panel. We do intend to run specific lender focused seminars in the coming months including a webinar on Loughborough Building Society’s requirements . Practitioners on the Loughborough Building Society conveyancing panel will be invited . Further details will be communicated as part of the LENDERmonitor Alerts .

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 have read a number of legal articles recently about firms being sued for non-compliance with BSA Mortgage Instructions. I am on the Loughborough Building Society conveyancing panel. Can you tell me how many Specific Requirement changes took place by Loughborough Building Society during 2013?

During this period 2 sections of the BSA Mortgage Instructions were changed by Loughborough Building Society. Some changes are more important than others but as a firm on the Loughborough Building Society conveyancing panel you are of course obliged to comply with individual lender requirements. Locktons have recently pointed out in an article that non-compliance with lender requirements account for a number of high value claims, and it is therefore important to be aware of any particularly onerous terms that an individual lender may impose.

Remember: BSA requirements are not guidelines; they are the lender client’s instructions.

My firm is on the Loughborough Building Society conveyancing panel. I am dealing with Loughborough Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Loughborough Building Society. What do I do in this conflict situation?

When a solicitor is acting for both Loughborough Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent.

In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Loughborough Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Loughborough Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Loughborough Building Society conveyancing panel status.

I have been a qualified solicitor for nearly 30 years with a clean claims history and have been refused acceptance on the Loughborough Building Society conveyancing panel with no explanation. Am I not entitled to know why?

Participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. The days of open panels are now long gone. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Loughborough Building Society conveyancing panel to see if you are entitled to a reason.

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

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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Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors