Principality Building Society Conveyancing Panel Information

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

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Principality Building Society Solicitor Panel: Recently Asked Questions

Principality Building Society would like me to act for them alone on a residential conveyancing transaction , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the Principality Building Society conveyancing panel) How does this operate and are there different requirements from Principality Building Society in this circumstance?

The Council of Mortgage Lenders, along with Principality Building Society and other stakeholders developed a standard set of requirements where a conveyancer is acting for a lender such as Principality Building Society alone in a residential conveyancing transaction. These obligations are contained at Part 3 of the UK Finance Lenders’ Handbook and are to be followed together with Parts 1 & 2. The CML have published an example requirements letter to the borrower’s conveyancing solicitor for use by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

Are there conditions,outside the CML Part 2 requirements, that a firm should be aware of when on the Principality Building Society conveyancing panel?

In order to be on the Principality 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 Principality Building Society) are as follows:

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.
That any deeds you borrow from us in connection with the personal mortgage of a partner or director at your firm must be requested by a partner or director other than the partner or director concerned and the transaction must be handled by that other partner or director. If you are a sole practitioner and require the loan of deeds in connection with your own mortgage, you must nominate a different firm on our panel to request the deeds and handle the transaction.
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.)
If you are a sole practitioner, to arrange for appropriate locum cover from our panel where necessary. Your locum must be a member of the Conveyancing panel.
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.

My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the UK Finance Lenders’ Handbook?’ My firm is on a number of lender panels including the Principality Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Do I disclose these these Conditions ?

The concern here is if you are expect to enter into ‘more onerous’ conditions that than the Handbook obligations. You have to try and take an objective view as to whether the Terms relating to the Principality Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the UK Finance Lenders’ Handbook Conditions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before moving forward on this question.

My firm is on the Principality Building Society conveyancing panel. I am dealing with Principality Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Principality Building Society. What do I do in this conflict situation?

When a solicitor is acting for both Principality 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 the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Principality Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Principality Building Society 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 Principality Building Society conveyancing panel status.

My conveyancing assistant has left my firm unexpectedly. I urgently need to prioritise making sure that charges are registered. That said, how quickly do I need to send deeds to Principality Building Society once the charge is registered before my firm runs the risk of being suspended off the conveyancing panel for Principality Building Society?

Principality Building Society will likely expect the deeds to be sent to them within 10 days of you receiving the TID (unless their specific P2 requirements specifically state that they you are not to send them anything). Most COTs refer to complying with the Certificate of Title referred to in IB (3.7) of the SRA Code of Conduct 2011, published by the Law Society which states that you ‘will despatch to you such deeds and documents relating to the Property as you require with a list of them in the form prescribed by you within ten working days of receipt by us of the title information document from the Land Registry’ As to whether the lender will suspend your panel status this very much varies according to the lender’s own internal policies The more cases you have the more risk you face. Some lenders may take action if there records show that the deeds are outstanding for more than 3 matters. The fact is that if you keep within the time frame then you will have more chance of remaining on the Principality Building Society conveyancing panel.

St Giles’ PI Insurance renewal form asks if my firm had been removed off any lender panels in the last 12 months. I recently became aware that the firm is no longer on the Principality Building Society conveyancing panel? Will that impact my PII premium?

The best placed professionals to answer this question are your insurance brokers. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Principality Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

Our practice is on the Principality Building Society conveyancing panel and all set to complete a purchase within the next few weeks. I dont have a Mortgage Deed for the client to sign. Who do I contact at Principality Building Society to request substitute deeds?

You should communicate with Principality Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual question for banks to establish who to contact to obtain standard documents. Principality Building Society in their Part 2’s state:

Please remember to disclose the firm’s Principality Building Society conveyancing panel number.

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Average number of days to register title including a charge in favour of Principality Building Society

This information relates to purchase only and not remortgages.

Year	Days*
2026	[no data]
2025	32.0
2024	[no data]
2023	[no data]
2022	[no data]
2021	[no data]

* Data aggregated from sources including COMPLETIONmonitor

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