Buchanan was created a baronet, of Lavington in the County of Sussex, in the 1920 New Year Honours, for "public and local services" and was raised to the peerage in the 1922 New Year Honours as Baron Woolavington, of Lavington, in the County of Sussex, for being a "generous supporter of many public and charitable objects". However, it is said that he paid £50,000 for his peerage, signing the cheque "Woolavington" and dating it 2 January – the day after the title was to be gazetted – so that the payment would bounce if he did not receive the honour he had been promised. He was appointed Knight Grand Cross of the Royal Victorian Order (GCVO) in the 1931 New Year Honours.
