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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.
Find an Approved Solicitor on the Penrith Building Society Conveyancing Panel
FAQs for the Penrith Building Society Solicitor Panel
Am I correct in assuming that the fact that my solicitor is not on the Penrith Building Society Solicitor panel that there is a problem with the standard of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Penrith Building Society.
My lawyer has uncovered a difference between the information in Penrith Building Society’s valuation survey and what is revealed within the legal papers for the property. My solicitor says that as he is on the Penrith Building Society conveyancing panel he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action appropriate?
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 do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
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.
I am selling my house. 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.
I previously instructed online conveyancers based in Cardiff who are on the Penrith Building Society solicitor panel. They are now charging me a separate fee of £195 for dealing with the Penrith Building Society mortgage. Is this an additional conveyancing fee specified 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 but plenty of firms include it on their overall fee.
Last month we had a mortgage agreed in principle with Penrith Building Society. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Penrith Building Society?
Some lenders take longer than others. Have Penrith Building Society conducted the valuation? Have you advised Penrith Building Society as your lawyers details and checked that your lawyer is on the Penrith Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Penrith Building Society are being a right pain. The solicitor who is on the Penrith Building Society conveyancing panel is saying indemnity insurance will be fine but Penrith Building Society are requiring 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.