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approved by Penrith BS
Ready to buy a new home? Failing to check that a lawyer is on the Penrith BS list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the Penrith Building Society Conveyancing Panel? How can my firm be reinstated onto the Penrith Building Society Conveyancing Panel?Find an Approved Solicitor on the Penrith Building Society Conveyancing Panel
Penrith Building Society Solicitor Panel Recently Asked Questions
For what reasons would a firm of solicitors be excluded from the Penrith Building Society solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Penrith Building Society
can you help? My conveyancer is advising me that he has to conduct a Local Authority search as the firm are on the Penrith Building Society solicitor panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with Penrith Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Penrith Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Penrith Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I see that you have a post code search directory listing firms on the Penrith Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Penrith Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering remortgaging my home does my lawyer have to be on the Penrith Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on Penrith Building Society conveyancing panel, but Penrith Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Penrith Building Society conveyancing panel requirements are different to Penrith Building Society’s conveyancing panel criteria.
I am about to exchange contracts on a purchase with a mortgage from Penrith Building Society. The report from my solicitor mentions that Penrith Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Penrith Building Society can withdraw their mortgage offer although this is unusual. If Penrith Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a few examples:
- Penrith Building Society may amend or withdraw an offer if the Penrith Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the financial circumstances of the borrower have changed to the detriment and the Penrith Building Society has been notified
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Me and my partner are buying a penthouse in Hendon. Conveyancing solicitors in Hendon will soon beretained. My friendadvised that we double-check that the property lawyer in Hendon is on the Penrith Building Society list of approved conveyancing firms. Is this really necessary?
Far from all Hendon conveyancing solicitors are on the Penrith Building Society conveyancing panel. 8 people a month use our search tool to find a Hendon conveyancing solicitor on the on the Penrith Building Society list of approved conveyancing firms.