Penrith Building Society Conveyancing Panel Information

BSA Designator: Penrith Building Society
Jurisdiction: England and Wales

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Penrith Building Society and to assist in remaining on the Penrith Building Society Approved Conveyancing Solicitors.

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Penrith Building Society Solicitor Panel Information:

What are the Penrith Building Society conveyancing panel arrangements?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements. The Special Requirements state:

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.

You must also comply with the terms and conditions of your Penrith Building Society solicitor panel appointment.

Are Penrith Building Society Conveyancing panel lawyers exposed to the possibility of the society amending or withdrawing the loan offer?
Penrith Building Society addresses this at section B.3 of their BSA specific requirements which states:

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

What obligations do I have, being on the Penrith Building Society conveyancing panel, to carry out a flood search?
Penrith Building Society make no specific obligation to carry out any of the searches listed. The BSA Mortgage Instructions simply states that ‘you must ensure that any other searches which may be appropriate to the particular property, taking into account its locality and other features are carried out’.

Remember that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Penrith Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check the Penrith Building Society Specific Requirements of BSA Handbook to be sure), but you are obliged to explain risks and availability to the client.

Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one.

Are the Council of Licensed Conveyancers taking any action to protect licensed conveyancers from being removed from lender panels?
The CLC has initiated discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than ad hoc arrangements that can differ from lender to lender. We expect that that the CLC have been in touch with lenders such as Penrith Building Society in recent years
Can the BSA assist me in an appeal having not been accepted onto the Penrith Building Society conveyancing panel?
If you have not been accepted or indeed been removed from the Penrith Building Society conveyancing panel then the BSA will not have any part to play in influencing Penrith Building Society in changing their mind. Please contact us here at Lexsure so that we can put you in touch with a consultant who may be able to assist. At the very least it’s worth a call to us.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of frequency of questions. The most popular lender panels in terms of questions are as follows:
I am a sole practitioner firm on the Penrith Building Society conveyancing panel. How can we advertise our firm as conducting conveyancing in Hendon who can act for the borrower and Penrith Building Society?
7 potential conveyancing clients search for a conveyancer on the Penrith Building Society panel every 4 weeks in Hendon. The lenderpanel directory service team who will show you how your firm can be listed by those searching for conveyancing in Hendon.

Recent Changes Include

# Date Assoc. Changes Related To
C.19 02/08/2018 BSA
D.34 20/05/2016 BSA
E.12 21/03/2016 BSA
D.34 24/11/2015 BSA
C.12 24/11/2015 BSA
B.22 10/02/2014 BSA
D.34 10/02/2014 BSA
E.12 10/02/2014 BSA
B.3 10/02/2014 BSA
D.14 01/08/2012 BSA

Last update 19/09/2019

Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors