Conveyancing Panel

The Monmouthshire Building Society Conveyancing Panel

The Monmouthshire Building Society operates a panel of approved law firms, managed by LMS.  This new panel started operating on May 1st 2015.  Please note that whilst your customer’s Solicitor may have been a member of the Society’s panel in the past, a new registration is required.

If your customer wishes to use their own law firm and the firm is not currently on the LMS approved panel, you will need to advise them that the law firm will need to apply to join our panel.

You can obtain a list of the approved law firms by sending an e-mail to underwriting@monbs.com

How to apply to join our panel

Your customer’s law firm can apply to join our panel by applying on line at the following address:
www.lms.com/lenderpanels

Registration requires key details of the firm, answers to a series of questions and a copy of their Practice and PII certificates (which can be uploaded on line). 

Minimum requirements for panel membership are:
  • Minimum of 2 partners/directors
  • PII minimum cover of £2m, with cover provided by a “rated” insurer
  • Must be a member of the Law Society’s Conveyancing Quality Scheme or a member of the Council for Licensed Conveyancers
  • The firm must have undertaken a minimum of 120 purchase transactions in the last 12 months (with any lender)
The Society does not charge a panel membership fee.

If the law firm has any queries when applying, they may contact our dedicated support team on 0843 221 0660, quoting Monmouthshire Building Society.

Note: You can still process the mortgage application whilst the law firm’s application is being processed.  However, the offer will not be available until the law firm has been approved and appointed to our panel.  It is in yours and your customer’s interest that the law firm registers in a timely fashion.

The customer’s own law firm has not been approved to the panel

Your customer is entitled to use their own preferred law firm.  However, if the law firm’s application is unsuccessful and your customer still wishes to use them, the customer will have to pay a second set of legal fees for the Monmouthshire Building Society to be separately represented.

The customer has already instructed their own law firm

The customer’s own law firm can apply to join our panel, but if they are unsuccessful and your customer does not wish to pay separate representation fees they can choose a law firm that is already on the panel. If they choose this option, they will need to cancel their instructions to their preferred law firm.  Otherwise they can continue using their preferred law firm and pay a second set of fees.