Find an Approved Solicitor on the Penrith Building Society
FAQs : The Penrith Building Society Conveyancing Panel
I am in the process of selling my house and the estate agent has just texted me to warn that the purchasers are swapping property lawyer. The reason given is that Penrith Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific solicitors?
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 decades.
Lenders point to the increase 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.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Penrith Building Society. What risks do Penrith Building Society expect the insurance to cover?
Any lawyer on the Penrith Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Penrith Building Society’s Part 2 requirements of the CML Handbook (last updated on Penrith Building Society). Being on the Penrith Building Society conveyancing panel your lawyer is expect to follow these requirements.
I require the services of a Penrith Building Society panel solicitor in Belfast. Could you help me?
It is not clear why you need a Penrith Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Penrith Building Society to find out which solicitors in Penrith Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I was supposed to move into my flat yesterday. My lawyer’s firm is on the Penrith Building Society solicitors panel but has changed address in the past couple of months and had not informed Penrith Building Society of their new address. Penrith Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
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 Penrith Building Society branch or your mortgage broker to see if they can assist.
How can we tell if a solicitor on the Penrith Building Society panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your transaction
For 5 years I had a mortgage with Penrith Building Society. My uncle retired last week and wants to pay off my mortgage. After Penrith Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Penrith Building Society conveyancing panel? I do not intend to live at the property once the Penrith Building Society mortgage is discharged.
will need a solicitor but they need not be on the Penrith Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Penrith Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Penrith Building Society or your broker and complete any relevant paperwork. Penrith Building Society will tell you what documents they want. Penrith Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Penrith Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.