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Principality Building Society Conveyancing Panel: Recently Asked Questions
My firm is not on the
Principality Building Society conveyancing panel as well other lenders.
My clients, who have applied for a mortgage with Principality Building Society still want me to act for them regardless of the fact that we are not on the
Principality Building Society panel. Am I doing anything wrong is suggesting to my client that they 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 suggesting 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. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm.
You also need to make the costs implications and potential for delay very clear to your client.
The firm that I work for 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.
Where can I find the Principality Building Society conveyancing panel obligations or Transfer of Equity Conveyancing?
Principality Building Society approved panel lawyers are bound by the UK Finance Lenders’ Handbook instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if
Principality Building Society require, the deed of covenant on their behalf. You will need to check
Principality Building Society CML Part 2 conditions to see if
Principality Building Society have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the
Principality Building Society conveyancing panel
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.
Lockton’s PII renewal form enquires if my practice had been excluded from any lender panels in the last 12 months.
I just discovered 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 within the next week. My papers do not include a Mortgage Deed for the client to execute.
Who do I contact at Principality Building Society to request substitute deeds?
You would be advised to get in touch with Principality Building Society
to obtain standard documents. The The Council of Mortgage Lenders Handbook includes an express section for lenders to set out who to contact to obtain standard documents.
Principality Building Society in their Part 2’s state:
It helps to quote your Principality Building Society conveyancing panel number.
Find a Lawyer on the Principality Building Society Solicitors Panel
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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* |
---|---|
2024 | [no data] |
2023 | 55.0 |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
2019 | 51.1 |
* Data aggregated from sources including COMPLETIONmonitor
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