Law firms on the Coventry Building Society conveyancing panel should note an important operational change affecting redemption statements.
The service level for a redemption statement requested through the Coventry Building Society portal is now five working days. The Lender Exchange portal has been updated to reflect the revised timescale.
Build the five-working-day period into completion planning
A redemption statement is essential when an existing Coventry Building Society mortgage is to be repaid on completion. If the request is made too late, the conveyancer may not have the figure needed to prepare the completion statement, confirm that sufficient funds will be available or redeem the mortgage promptly.
Firms should therefore request the statement with sufficient notice and allow the full five working days before submitting a chaser. Duplicate or premature requests may add unnecessary administrative traffic without producing the statement any sooner.
The five-day period should be treated as a service level rather than a reason to wait until the last possible date. Weekends, bank holidays, changes to the proposed completion date and any discrepancy in the information supplied can all reduce the time available to resolve an issue.
Practical steps for conveyancing teams
Firms may wish to check that their case-management workflows and staff guidance now require the fee earner or completions team to:
- identify at an early stage whether a Coventry Building Society charge must be redeemed;
- request the redemption statement through the correct portal as soon as the likely completion date permits;
- calculate the five-working-day service period accurately, excluding weekends and bank holidays;
- avoid chasing or making a duplicate request before that period has expired;
- check that the statement remains valid for the intended completion date; and
- make a fresh request promptly if the completion date moves outside the period covered by the statement.
This is also a useful reminder that client and estate-agent expectations should be set by reference to lender and other third-party timescales. Our earlier article on managing expectations in a conveyancing transaction explains why clear information about dependencies and waiting periods can help prevent avoidable complaints.
Keep Coventry Building Society requirements under review
Panel membership carries an ongoing obligation to follow the lender’s current instructions and operational requirements. Firms should not assume that a timescale recorded in an old office note, checklist or case-management template remains correct.
For wider information about panel membership, see our guide: Is Your Solicitor on the Coventry Building Society Panel?
Conveyancers can also consult the Coventry Building Society conveyancing panel information on Lender Monitor. Where it is necessary to establish what the lender’s requirements said at an earlier date—for example, when reviewing a historic transaction—the Lexsure archive of historical Coventry Building Society lender requirements provides the relevant historical context.
As lender systems and instructions continue to change, firms may also find our article on the new UK Finance Mortgage Lenders’ Handbook platform useful when reviewing their lender-checking procedures.
The immediate action point
Coventry Building Society panel firms should update their internal workflows now: request portal redemption statements in good time, allow the full five working days and do not submit a chaser or duplicate request before the service period has elapsed.
This article is intended for general information only. Firms should check the current Coventry Building Society portal guidance and applicable lender instructions in each transaction.