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My fiance and I are hoping to buy a 3 bedroom flat in London with a mortgage from Penrith Building Society. We have a lawyer but Penrith Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Penrith Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Penrith Building Society use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Penrith Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Penrith Building Society
I am buying a newly constructed duplex and my lawyer is informing me that she is duty bound to disclose incentives from the builder as her firm is on the Penrith Building Society conveyancing panel. The Estate Agents are hassling me to exchange and I dont want to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Penrith Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Penrith Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a property and need a conveyancing solicitor in Leeds who is on the Penrith Building Society solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Penrith Building Society . We don’t recommend any particular firm.
I would like to get my ex-wife taken off the mortgage deeds. Can Penrith Building Society really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Penrith Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Penrith Building Society solicitors panel
Is it the case that all conveyancing solicitors on the Penrith Building Society conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I previously instructed online solicitors based in Cardiff who are on the Penrith Building Society solicitor panel. They are now charging me a separate fee of £135 for dealing with the Penrith Building Society mortgage. Is this a supplemental conveyancing fee set by Penrith Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Penrith Building Society but by your lawyers. Some firms on the Penrith Building Society will charge an ‘acting for lender’ fee and others do not.
Intending to buy a flat with a mortgage with Penrith Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Penrith Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Penrith Building Society conveyancing panel