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My fiance and I are hoping to buy a 3 bedroom flat in London with a mortgage from Penrith Building Society. We like our solicitor but Penrith Building Society says she’s not on their "panel". We have to appoint one of the Penrith Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Penrith Building Society use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Penrith Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Penrith Building Society
Our solicitor has identified a problem with the lease for the property we are purchasing. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the Penrith Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Penrith Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Penrith Building Society are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Penrith Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Penrith Building Society conveyancing panel. My lawyer has said that they are on the Penrith Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Penrith Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Penrith Building Society solicitor panel.
Please explain the implications if my lawyer’s firm is removed from the Penrith Building Society Solicitor panel in advance of the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
is it true that all solicitor practices on the Penrith Building Society conveyancing panel overseen 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).
I have had an offer accepted on a apartment I spoke to a lawyer previously used by my uncle and he recommended 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.
Intending to buy a house with a mortgage with Penrith Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Penrith Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Penrith Building Society conveyancing panel