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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.
Looking for information about your firm's panel status?How does my firm apply to be on the Principality Building Society Conveyancing Panel? How can my firm be reinstated onto the Principality Building Society Conveyancing Panel?
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Principality Building Society Solicitor Panel Recently Asked Questions
How easy is it to change a solicitor as I need to find one who is on the Principality Building Society conveyancing panel. How easy is it to change conveyancer?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
I do hope you can help me. My lawyer is informing me me that he is legally obliged to conduct a Local Authority search because the firm are on the Principality Building Society solicitor panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Principality Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Principality Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Principality Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Principality Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Principality Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Principality 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.
Is it the case that all conveyancing solicitors on the Principality Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am about to exchange contracts on a purchase with a mortgage from Principality Building Society. The report from my solicitor mentions that Principality Building Society could withdraw their offer before completion. Is this right?
Lenders such as Principality Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Principality Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- If the financial circumstances of the borrower have changed to the detriment and the Principality Building Society has been notified
- If the borrower informs Principality Building Society of a change in security address
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Principality Building Society conveyancing panel solicitors would be obliged to notify Principality Building Society of a change in the price of the property.
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
We expect to receive a DIP from Principality Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Principality Building Society recommend a solicitor on the Principality Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Principality Building Society conveyancing panel. The solicitor represents both you and the Principality Building Society through the process.