Find an Approved Solicitor on the Principality Building Society
Examples of recent questions relating to the Principality Building Society Solicitor Panel
My fiance and I are FTBs. Within the 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Principality Building Society have this morning contacted us to inform me that they have now hit a problem as our lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit 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 solicitors should contact Principality Building Society and see if they can apply for membership of the Principality Building Society conveyancing panel, but if that is not viable Principality Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Principality 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Principality Building Society will not agree to this. Why was Principality Building Society even consulted?
Your lawyer being on the Principality Building Society conveyancing panel is duty bound to inform Principality Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Principality Building Society then they would have to discontinue acting for you and Principality Building Society.
I am purchasing a house and require a conveyancing solicitor in London who is on the Principality Building Society solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Principality Building Society . We don’t recommend any particular firm.
I am considering refinancing my property does my lawyer need to be on the Principality Building Society Solicitor panel?
There is nothing to stop you using your solicitor but Principality Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with Principality Building Society. Is there anyway to cut out the solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Principality Building Society involved you will need to appoint a solicitor on the Principality Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Principality Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Principality Building Society conveyancing panel.
I have a mortgage with Principality Building Society. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality Building Society?
Your original mortgage agreement with Principality Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Principality Building Society’s mortgage conditions. It may be that Principality Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality Building Society directly. It should not be necessary to do this via a Principality Building Society conveyancing panel lawyer.
Principality Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Principality Building Society or your broker and complete any relevant paperwork. Principality Building Society will tell you what documents they want. Principality Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Principality Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.