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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.
Find an Approved Solicitor on the Principality Building Society Conveyancing Panel
Common questions asked concerning the Principality Building Society Solicitor Panel
We are buying a 2 bedroom apartment in Hackney with a mortgage from Principality Building Society. We have a lawyer but Principality Building Society says she’s not on their "panel". We have to appoint one of the Principality Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; 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 conveyancer has uncovered a discrepancy between the assumptions in Principality Building Society’s valuation survey and what is revealed within the legal papers for the property. My solicitor says that as he is on the Principality Building Society conveyancing panel he is duty bound to ensure that the bank is 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.
Do I have to have a meeting at the offices of the Principality Building Society conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Manchester
so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for Principality Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am purchasing a garden flat and getting a mortgage with Principality Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Principality Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Principality Building Society conveyancing panel in your location.
In what circumstances might Principality Building Society amend or withdraw their mortgage offer?
Banks and Building Societies such as Principality Building Society can revoke their mortgage offer although this rarely happens. If Principality Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- Principality Building Society may amend or withdraw an offer if the Principality Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the financial circumstances of the borrower have changed to the detriment and the Principality Building Society has been notified
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the sale is not at arms length for value to unconnected persons
- 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
The for formalities of my purchase has taken place with a loan from Principality Building Society. Conveyancing was a necessary evil but I would like to complain about Principality Building Society. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the Principality Building Society branches or the Customer Care Team at Principality Building Society head office. Ordinarily complaints to Principality Building Society are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Principality Building Society on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Principality Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Principality Building Society. Unless your lawyer obtains specific confirmation in writing that Principality Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Principality Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.