Change Date : 10/02/2014
Association: BSA
Jurisdiction: England and Wales
Index: v.2014 No.93


Policy changes relevant to
Penrith Building Society Solicitor Panel

Updated 2012-08-01 2014-02-10
A.12 What are the society's conveyancing panel arrangements?

Firm must have minimum of 3 partners/principals and provide copy of the acting partners practicing certificate. Contact point see above.

Firm must have minimum of 3 partners/principals and provide copy of the acting partner's practicing certificate and confirmation of professional indemnity insurance. Contact point see above.

B.3 In what circumstances might the society amend or withdraw the mortgage offer?

Not taken up within 6 months

Non compliance with any conditions

Non disclosure of any relevant information

Any information discovered that may be fraudulent or misleading

Not taken up within 3 months

Non compliance with any conditions

Non disclosure of any relevant information

Any information discovered that may be fraudulent or misleading

B.22 Which forms and documents are required for any occupants aged 17 or over who are not party to the mortgage before completion of the mortgage?

Form A and Form B

Form A

C.12 What new home warranty schemes are accepted by the society?

NHBC, Zurich Municipal ,HAPN and professional consultant certificates are acceptable any others to be referred to the Society.

NHBC, Zurich, Building Life Plans, Premier Guarantee, LABC, New Home Warranty Scheme, HAPM and professional consultant certificates are acceptable, any others to be referred to the Society.

D.34 What are the requirements on the unexpired term of a lease offered as security?

Mortgage term plus 50 years

Mortgage term plus 70 years

D.55 What are your specific requirements with regard to shared ownership/shared equity properties?

Minimum purchase 50% Properties in Cumbria only Maximum 90% of valuation of the portion being purchased

Minimum purchase 50% Properties in Cumbria only Maximum 75% of valuation of the portion being purchased

E.1 Where are the standard documents available from?

N/A

Refer to the Society

E.12 How is the mortgage advance paid (including any details of any standard deductions)?

Either by cheque or TT with 3 days notice

Higher lending charge if applicable

TT with 3 days notice

Higher lending charge if applicable