Principality Building Society Conveyancing Panel Information

Section 16.2.1 of Part 1 of the Handbook relevant to a solicitor on the Principality Building Society conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

The Council of Mortgage Lenders, together with Principality Building Society and other lenders created a standard set of requirements where a solicitor is representing a lender such as Principality Building Society alone in a residential conveyancing matter. These requirements are contained at Part Three of the UK Finance Lenders’ Handbook and are to be read together with Sections One and Two. The CML have published an example requirements letter to the borrower’s lawyer for adaptation by the lender's conveyancer, and sets out to the borrower's conveyancer, the documentary and information requirements of the lender's panel conveyancer.

The Council of Mortgage Lender requirements of Principality Building Society are silent on this. Most mortgage companies deal with the question of file retention via their Terms of panel appointment where they generally provide that for evidential purposes, the firm must keep the file for at least of 6 years from the date of the mortgage. Data imagining is normally suitable compliance with this requirement. Many lenders point out in that it is the practice of some fraudsters to demand the conveyancing file on completion in order to destroy evidence that may later be used against them. It is therefore important to retain these documents to protect Principality Building Society’s interest. To be absolutely sure of Principality Building Society requirements in this regard please check the Terms and Conditions of Principality Building Society’s conveyancing panel appointment.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Principality Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Principality Building Society we suggest that you call Principality Building Society to check the position.

Your insurance brokers are your best port of call to address this question. 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.

You should get in touch with Principality Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook includes a specific section for lenders to reveal who to contact to obtain standard documents. Please remember to disclose the firm’s Principality Building Society conveyancing panel reference.