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Q and A’s regarding the Principality Building Society Solicitor Panel
We are purchasing a 2 bedroom flat in Hackney with a mortgage from Principality Building Society. We would like to retain our solicitor but Principality Building Society says she’s not on their "panel". We have to appoint one of the Principality Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Principality 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Principality Building Society
I am purchasing a newly constructed apartment and my lawyer is informing me that she has to disclose incentives from the builder as her firm is on the Principality Building Society conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to prolong deal. Can I insist on an exchange regardless of what my lawyer says about being on the Principality Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Principality Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Principality Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to attend the offices of the Principality Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Principality Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My grandfather passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Principality Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Principality Building Society will insist on your using a conveyancer on the Principality 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 Principality 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 Principality Building Society mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as Principality Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Principality Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My ex -wife’s name is on the Principality Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Principality Building Society mortgage in order to sell?
In terms of the Principality Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Principality Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.