Principality Building Society Conveyancing Panel Information

UK Finance Designator: Principality 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 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

my firm is on the Principality Building Society conveyancing panel. Can I get an archived copy of a Principality Building Society Part 2 from the CML?
The Council of Mortgage Lenders do not maintain duplicates of the Part 2's pre-December 2010. The CML recommend you contact Principality Building Society directly.

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Principality Building Society would like me to conduct due diligence 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 will this work and are there different requirements from Principality Building Society in this circumstance?
The CML, together with Principality Building Society and other lenders created a standard set of instructions where a solicitor is acting for a lender such as Principality Building Society alone in a residential conveyancing matter. These requirements are contained at Part III of the UK Finance Lenders’ Handbook and are to be read in conjunction with Part I and II. The CML have published an example requirements letter to the borrower’s conveyancing solicitor 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.
My practice have never been on the Principality Building Society conveyancing panel as well other lenders. My clients, who are getting a mortgage with Principality Building Society wish use my firms conveyancing services regardless of the fact that we are not on the Principality Building Society panel. Is it fine for me to use a firm down the road to act for Principality Building Society on mortgage aspect of the conveyancing?
You need to be careful here as what you are proposing may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not at liberty instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer. You also need to make the costs implications and potential for delay very clear to your client.
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.
Lockton’s PII renewal form enquires if my firm had been excluded from any mortgage panels in the last 12 months. I just became aware that the firm is no longer on the Principality Building Society solicitor panel? Is this likely to effect my insurance?
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.
My firm is listed on the Principality Building Society conveyancing panel and scheduled 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 get a duplicate Deed?
You would be advised to get in touch with Principality Building Society to obtain standard documents. The CML Handbook incorporates an explicit question for banks to cite who to contact to obtain standard documents. It helps to disclose your Principality Building Society solicitors panel reference.
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.
YearDays*
2013 26.2
* Data aggregated from sources including COMPLETIONmonitor

Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 05/06/2018 CML
6.7.1 12/04/2018 CML
6.4.5 07/12/2017 CML
10.3 29/11/2017 CML
16.5.3a 29/11/2017 CML
5.14.15b 29/11/2017 CML Absentee Landlord Indemnity Insurance
6.6.2 29/11/2017 CML
5.20.3 29/11/2017 CML
5.7.1c 29/11/2017 CML Flying Freehold Indemnity Insurance
6.7.1 09/03/2017 CML

Last update 22/06/2019

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