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Ready to buy a new home? Failing to check that a lawyer is on the Principality BS list of approved solicitors can put your transaction at risk of delay or failure.
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Principality Building Society Conveyancing Panel Example Support Desk Enquires
We are buying a 1 bedroom flat in Hackney with a mortgage from Principality Building Society. We have a solicitor but Principality Building Society says she’s not on their "panel". It seems we have little choice but to instruct 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; Can we not simply insist that Principality 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 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
My lawyer has uncovered a discrepancy when comparing the assumptions in Principality Building Society’s home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that as he is on the Principality Building Society conveyancing panel he is obliged to check that the bank is OK with this discrepancy and is content go ahead. Is my lawyer’s stance correct?
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) 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 both parties.
How up to date is your search tool for the Principality Building Society conveyancing panel? Do Principality Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Principality Building Society conveyancing panel as opposed to being supplied with a list from Principality Building Society directly.
I was supposed to move into my first house last Friday. My solicitor is on the Principality Building Society solicitors panel but has changed address 8 weeks ago and had not advised Principality Building Society of their new address. Principality Building Society is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Principality Building Society branch or your mortgage broker to see if they can help.
Can you point me to a directory of Principality Building Society panel solicitors on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I was told three weeks ago that my mortgage has been agreed to by Principality Building Society. Is it usual for Principality Building Society to only issue the offer once my solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality Building Society to deal with your lawyers application to be on the Principality Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Principality Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Principality Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Principality Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.