The building it occupied on Drury Lane, which was originally the county infirmary, closed in 1995 after having its permit as a college recognised for ordination training withdrawn by the Church of England owing to reduced numbers of residential ordination candidates nationally, with an increasing number training on part-time non-residential courses.

The college had wanted to remain open, developing itself as a research institution, possibly affiliated to a nearby university.

The buildings are now owned by the Lincoln Theological Institute for the Study of Religion and Society (a registered charity), based at the University of Manchester, established in 1997 by Martyn Percy.

Warden Kenneth Sansbury introduced the name of Lincoln Theological College, as the Latin name 'meant nothing to the ordinary person', and Michael Ramsey suggested that Bishop's Hostel sounded like 'a home for rough boys'.

[1] At the time of closure the Scholae Cancellarii offered training leading to externally validated and conferred BTh and MA degrees.