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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?Is my firm on the Penrith Building Society Conveyancing Panel? 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 could a firm of solicitors be removed from the Penrith Building Society approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms 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 lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Penrith Building Society was date stamped random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the Penrith Building Society conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
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)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Penrith Building Society.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Penrith Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Penrith Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Penrith Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all conveyancing solicitors on the Penrith Building Society conveyancing panel work on a no sale no fee basis?
In the main 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 have a mortgage with Penrith Building Society. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Penrith Building Society?
Your original mortgage agreement with Penrith Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Penrith Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Penrith Building Society directly. You need not do this via a Penrith Building Society conveyancing panel solicitor.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Penrith Building Society are being difficult. The solicitor who is on the Penrith Building Society conveyancing panel is recommending indemnity insurance as a solution but Penrith Building Society are insisting on a building regulation certificate. Why do Penrith Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Penrith Building Society have referred the matter to their valuer. The reason why Penrith Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.