Penrith Building Society Conveyancing Panel Information

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.

Penrith Building Society Solicitor Panel Assistance:

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.

Can my firm make a complaint to the BSA about being removed excluded suspended from the Penrith Building Society conveyancing panel?
The BSA is an association rather than a regulator and therefore do not advise on complaints against lenders. You can of course contact Lexsure to see if we can assist.
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Penrith Building Society and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Penrith Building Society specifically), is that for too long solicitors have concentrated on their duty of care to their purchasing client, and have paid scant attention to the duty they owe to the lender, whom they conveniently forget is also their client.

Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members

Penrith Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.

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 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 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.
  • 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.
  • 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 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.
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.
The Council of Mortgage Lenders Handbook contains conveyancing instructions for a property with a solar panel. Penrith Building Society do not seem to have any similar obligations via the BSA Mortgage Instructions. Is this right?
The BSA Mortgage Instructions don't specifically deal with Solar Panels but it would be prudent as approved solicitors for Penrith Building Society to raise the issue with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you need to raise the appropriate questions for your buyer client.
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:
My partners and I run a small firm on the Penrith Building Society conveyancing panel. How can we advertise our firm as conducting conveyancing in Hendon authorised to act forPenrith Building Society?
6 borrowers attempt to locate a conveyancing practitioner on the Penrith Building Society panel each month in Hendon. The lenderpanel directory service team who will show you how your firm can be found by those searching for conveyancing in Hendon.

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Average number of days to register title including a charge in favour of Penrith Building Society
This information relates to purchase only and not remortgages.
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* Data aggregated from sources including COMPLETIONmonitor