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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.
Find an Approved Solicitor on the Principality Building Society Conveyancing Panel
Frequently asked questions relating to the Principality Building Society Conveyancing Panel
For what reasons would a law firm be excluded from the Principality Building Society approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Principality Building Society
I do hope you can help me. My solicitor is assuring me that she is duty-bound to order a Local Authority search because the firm are on the Principality Building Society approved lawyer panel. Is this really necessary?
You have limited options available to you. As you are taking a mortgage 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 directory have online case tracking as I was under the impression that this was a precondition of being on the Principality Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am attempting to get my ex-husband removed the mortgage deeds. Can Principality Building Society really tell me which solicitor I can or can not use?
You can use any solicitor you like but Principality Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Principality Building Society solicitors panel
When it comes to lenders such as Principality Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
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.
What are the common reasons for a lender such as Principality Building Society to withdraw a mortgage offer?
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 their reasoning. There are many potential reasons but here are a few 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 the loan amount agreed
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where to proceed with the Mortgage offer would be unlawful
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 in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage 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.