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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.
Looking for information about your firm's panel status?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?
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Principality Building Society Conveyancing Panel : Questions and Answers
What is the rationale as to why all solicitors are not on the Principality Building Society Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My lawyer has discovered an inconsistency when comparing the surveyor’s assumptions in Principality Building Society’s home valuation report and what is revealed within the title deeds. My lawyer says that as he is on the Principality Building Society conveyancing panel he needs to check that the lender is OK with this discrepancy and is content go ahead. Is my solicitor’s approach 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 you.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Principality Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
We're in London, First time buyers buying with a mortgage (lender is Principality Building Society , but our lawyer is on the Principality Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Principality Building Society conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
For 5 years I had a mortgage with Principality Building Society. My uncle retired last week and wants to pay off the mortgage left on the property. After Principality Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Principality Building Society conveyancing panel? I do not intend to live at the property once the Principality Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Principality Building Society panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.
Planning on purchasing a house with a mortgage with Principality Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Principality Building Society conveyancing panel