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 Assistance:

What are the Penrith Building Society conveyancing panel criteria?
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.

my firm is on the Penrith Building Society conveyancing panel. Can I get an archived copy of Penrith Building Society Specific Requirements from the BSA?
The BSA, as is the case with the CML do not keep historic of Specific Requirements. The BSA recommend you contact Penrith Building Society directly.
Will the fact that my practice subscribes to LENDERmonitor Alerts help in my application to join the Penrith Building Society conveyancing panel?
The criteria to join the Penrith Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Will the fact that my firm subscribes to LENDERmonitor Alerts help in my application to join the Penrith Building Society conveyancing panel?
The requirements to join the Penrith Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
What information is available via COMPLETIONmonitor to assist my appeal to be reinstated on the Penrith Building Society solicitor panel?
There are many reports available but examples include:
  • Average time frame to register charges at the Land Registry
  • Average time frame to send deeds to the lender (calculated from completion date or title registration)
  • Number of conveyancing cases by lender
  • The percentage of the firm’s business which is conveyancing (purchase and remortgage)
  • Average mortgage advance
  • Buy to Let transactions
  • Notification to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
  • Evidence of undertaking logs
  • Current and historic missed priority dates
  • Analysis as to the nature of clients (e.g. seen in person)
Are there conditions, outside the BSA Mortgage Instructions, that a firm should be aware of when on the Penrith Building Society conveyancing panel?
In order to be on the Penrith Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Penrith Building Society) are as follows:
  • To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
  • To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
  • To forward the title deeds and documents to another solicitor within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
  • To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
  • Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
My firm is on the Penrith Building Society conveyancing panel. I am dealing with Penrith Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Penrith Building Society. What do I do in this conflict situation?
When a solicitor is acting for both Penrith Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent.

In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Penrith Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Penrith Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Penrith Building Society conveyancing panel status.

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:

Recent Changes Include

# Date Assoc. Changes Related To
D.34 20/05/2016 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
D.55 10/02/2014 BSA
E.1 10/02/2014 BSA
C.12 10/02/2014 BSA
A.12 10/02/2014 BSA
D.14 01/08/2012 BSA

Last update 21/02/2019

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