Find a Law Firm
approved by Principality BS
Ready to buy a new home? Failing to check that a lawyer is on the Principality 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 Principality Building Society Conveyancing Panel? How can my firm be reinstated onto the Principality Building Society Conveyancing Panel?Find an Approved Solicitor on the Principality Building Society Conveyancing Panel
Frequently asked questions relating to the Principality Building Society Solicitor Panel
I am in the process of selling my apartment and the EA has just texted me to advise that the buyers are switching solicitor. I am told that this is due to the fact that Principality Building Society will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Principality Building Society. Apparently, being on the Principality Building Society conveyancing panel and acting on their behalf he must inform Principality Building Society if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Principality Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Principality Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Principality Building Society conveyancing panel. My lawyer has said that they are on the Principality Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Principality Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Principality Building Society solicitor panel.
I was scheduled to complete on my first house yesterday. My lawyer’s firm is on the Principality Building Society conveyancing panel but has moved offices 8 weeks ago and had not informed Principality Building Society of their new address. Principality Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Principality Building Society branch or your mortgage broker to see if they can assist.
is it true that all solicitors on the Principality Building Society conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Principality Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
The mortgage over my property is with Principality Building Society. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality Building Society?
Principality Building Society must be informed of your intention before renting your property as this is likely to be a breach of Principality Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality Building Society directly. It should not be necessary to do this via a Principality Building Society conveyancing panel firm.
After shopping around on the internet I have found a solicitor having made sure that they are on the Principality Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Or
I've read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Principality Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Principality Building Society you could contact your them to see if they have a list of approved surveyors.