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approved by Principality BS
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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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?Find an Approved Solicitor on the Principality Building Society Conveyancing Panel
Frequently asked questions relating to the Principality Building Society Conveyancing Panel
The lawyer my fiance and I had intended to instruct on a remortgage said he would charge more if my lender is due to their unusual legal requirements. Am I likely to be frustrated using Principality Building Society? Is Principality Building Society conveyancing so much more difficult?
Principality Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Principality Building Society conveyancing panel. If they are not, this does add further risk of delay as Principality Building Society will appoint their own solicitors to look after their interest.
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 see that you have a post code search directory identifying firms on the Principality Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Principality Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
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 redeeming 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.
I had instructed online solicitors located in London who are on the Principality Building Society solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the Principality Building Society mortgage. Is this a supplemental conveyancing fee set by Principality Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Principality Building Society but by your lawyers. Some firms on the Principality Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Why might a lender such as Principality Building Society withdraw a mortgage offer?
Lenders such as Principality Building Society can revoke their mortgage offer although this is unusual. If Principality Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Where information comes to Principality Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Many mortgage offers have an expiry date. Your lawyer should check this. Principality Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- 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
- If the solicitor on the Principality Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Principality Building Society ‘s instructions
I had an offer accepted on an apartment on the 6th March 2014, valuation was booked 2 days after, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Principality Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Principality Building Society conveyancing panel. Are Principality Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage 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.