Find an Approved Solicitor on the Principality Building Society
Q and A’s regarding the Principality Building Society Solicitor Panel
I am selling my flat and the estate agent has just texted me to warn that the buyers are swapping solicitor. I am told that this is due to the fact that Principality Building Society will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are approaching an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Principality Building Society. Apparently, being on the Principality Building Society conveyancing panel and acting on their behalf he must inform Principality Building Society if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Principality Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Principality Building Society if you agree, failing which, your lawyer must cease to continue acting.
I require the services of a Principality Building Society panel solicitor in Stirling. Could you help me?
It is not clear why you need a Principality Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Principality Building Society to find out which solicitors in Principality Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
The firm that I recently instructed on my purchase in Manchester has without warning shut down. I chose them because I had to have a lawyer on the Principality Building Society conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help
Is it the case that all conveyancing solicitors on the Principality Building Society conveyancing panel work on a no move no charge basis?
In the main there are 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
Is it the case that all conveyancing solicitors on the Principality Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Principality Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
My husband and I are buying a 1st floor apartment in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My agentadvised that we make sure that the conveyancer in Hendon is on the Principality Building Society approved list of lawyers. Is this really necessary?
A limited percentage of Hendon conveyancing practices are on the Principality Building Society conveyancing panel. 8 people a month use our search tool to locate a Hendon conveyancing practitioner
on the on the Principality Building Society approved list of lawyers.