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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.
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Penrith Building Society Conveyancing Panel : Questions and Answers
A solicitor I wanted to use for conveyancing on a remortgage said he would charge more if my mortgage is with Penrith Building Society because of their difficult processes! Am I likely to be frustrated using Penrith Building Society? Any comments will be appreciated
Penrith Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Penrith Building Society conveyancing panel. If they are not, this does add further risk of delay as Penrith Building Society will appoint their own solicitors to look after their interest.
Much to my surprise my conveyancer is asking me for proof of ID documents asserting that this is part of his retainer as a solicitor on the Penrith Building Society Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Penrith Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Penrith Building Society CML Handbook requirements last updated on Penrith Building Society
Are the lawyers identified as being on the Penrith Building Society conveyancing panel, together with their details provided by Penrith Building Society?
The law firm practices themselves provide us confirmation that they are on the Penrith Building Society conveyancing panel as opposed to being supplied with a list from Penrith Building Society directly.
My uncle passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Penrith Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Penrith Building Society will insist on your using a conveyancer on the Penrith Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Penrith Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Penrith Building Society mortgage is registered as a charge at the Land Registry.
Do the majority of banks 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 requirements.
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.
My husband and I are taking a long lease of a penthouse in Hendon. Conveyancing solicitors in Hendon need to beappointed. My brokersuggested that we enquire that the conveyancing practitioner in Hendon is on the Penrith Building Society approved list of lawyers. Surely I don't need to do this, do I?
A limited percentage of Hendon conveyancing firms are on the Penrith Building Society conveyancing panel. 5 people a month use our search tool to locate a Hendon conveyancing practitioner on the on the Penrith Building Society panel.