Find an Approved Solicitor on the Penrith Building Society
Common questions asked concerning the Penrith Building Society Solicitor Panel
My partner and I are FTBs. Within the 48 hours our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Penrith Building Society have this afternoon contacted us to inform me that there is now an issue as our solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Penrith Building Society and see if they can apply for membership of the Penrith Building Society conveyancing panel, but if that is not viable Penrith Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Penrith Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Penrith Building Society was issued random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer says that as she is on the Penrith Building Society conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
One of the many conditions 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 conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
We're in Birmingham, FTBs purchasing with a mortgage (lender is Penrith Building Society , but our solicitor is on the Penrith Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Penrith Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all solicitor practices on the Penrith Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Penrith 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).
Do most 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 criteria.
We have agreed a price on a apartment I spoke to a conveyancer previously used by my uncle and he suggested retaining a solicitor approved by Penrith Building Society. The estate agent recommended two local firms so I asked Penrith Building Society if the 2 suggested solicitors are approved, which they are not. Penrith Building Society pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Penrith Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Penrith Building Society to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Penrith Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Penrith Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Penrith Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.