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 Conveyancing Panel: Recently Asked Questions

Is it possible that Principality Building Society will instruct a different lawyer on the Principality Building Society conveyancing panel for a further advance during the lifetime of a mortgage?
Paragraph 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’.

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Principality Building Society has instructed me to conduct due diligence for them alone on a residential conveyancing matter , using the CML Lender’s Handbook. The borrower has his own solicitor (not on the Principality Building Society conveyancing panel) How does this work and are there different requirements from Principality Building Society in this situation?
The Council of Mortgage Lenders, along with Principality Building Society and other members developed a standard set of instructions where a solicitor is representing a lender such as Principality Building Society alone in a residential conveyancing matter. These legal instructions are contained at Part III of the UK Finance Lenders’ Handbook and are to be read in conjunction 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 solicitor.
I noticed the following question on my PI renewal form this year ‘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 the majority of approved panels including the Principality Building Society conveyancing panel. We have Terms and Conditions of appointment which we are duty bound to comply with. Am I supposed to mention 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 completing the answer.
I have been a solicitor for approximately 25 years enjoy an unblemished record and have been refused acceptance on the Principality Building Society conveyancing panel with no explanation. Am I not entitled to a reason?
For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Principality Building Society conveyancing panel to see if you are entitled to a reason.
My conveyancing assistant has resigned 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.
JLT’s PI Insurance renewal form asks if my practice had been removed off any bank panels in the last year. I recently became aware that the practice is no longer on the Principality Building Society solicitor panel? Will that effect my PII cover?
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 shortly. My papers do not include a Legal Charge for the client to sign. Who do I contact at Principality Building Society to obtain duplicate documents?
You would be advised to contact Principality Building Society to obtain standard documents. The CML Handbook includes a specific question for banks to set out who to contact to obtain standard documents. You will need to disclose your Principality Building Society conveyancing panel number.
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 27/11/2018 CML
5.13.1 26/04/2018 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
6.7.1 29/03/2018 CML
16.5.3d 29/11/2017 CML
17.1.1 29/11/2017 CML
4.3 29/11/2017 CML
5.14.15a 29/11/2017 CML Absentee Landlord Indemnity Insurance
5.5.4 29/11/2017 CML Restrictive Covenant Indemnity Insurance
6.6.2 29/11/2017 CML
6.8.1 29/11/2017 CML Adoption of Road or Sewer Indemnity Insurance

Last update 18/01/2020

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