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I have been advised by my broker that I have to pay Principality Building Society fees should I instruct my family lawyer. How efficient are the Principality Building Society conveyancing panel solicitors? I dont care which law firm I use as long as they're good and reasonably priced. Are there any Principality Building Society conveyancers you'd recommend?
Principality Building Society’s conveyancing panel is pretty large so it would be advisable to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Principality Building Society will allow to act for them.
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification 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 coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
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 note that you have a search directory listing firms on the Principality Building Society conveyancing panel. Do firms pay you a referral fee if I instruct them for my own conveyancing?
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 aunt passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Principality Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Principality Building Society will insist on your using a conveyancer on the Principality Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality Building Society mortgage is registered as a charge at the Land Registry.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Principality Building Society conveyancing panel requirements are different to Principality Building Society’s conveyancing panel criteria.
We have a mortgage agreed in principle with Principality Building Society. Solicitors have been chosen? How long does it take for Principality Building Society to send the offer to our conveyancer
There is no definitive answer here. Have Principality Building Society completed the valuation? Have you advised Principality Building Society as your lawyers details and checked that your lawyer is on the Principality Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My ex -wife’s name is on the Principality Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Principality Building Society mortgage in order to sell?
As regards the Principality Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Principality Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.