Principality Building Society Conveyancing Panel Information

The requirements to join the Principality Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.

Each lender has different criteria. We do not hold specific requirements relating to the questions raised as part of the application to be on the Principality Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):

Details of any accreditation e.g. Lexcel or

Structure of firm and, where applicable, its group

List of all Licensed Conveyancers within firm

Whether the firm has ever accepted instructions in respect of property clubs and investment schemes

Full career history for each solicitor including admission date to the relevant Law Society

Full disciplinary history for each conveyancing solicitor

Full complaints history for each conveyancing solicitor

The percentage of the firm’s business which is conveyancing (broken down into sale

Areas of Law covered by the firm

Full complaints history for each licensed conveyancer

The Council of Licensed Conveyancers has begun discussions with banks and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than via ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Principality Building Society as well as the CML.

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.

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 CML Handbook contains an explicit question for banks to cite who to contact to obtain standard documents. Principality Building Society in their Part 2’s state: You will need to disclose the firm’s Principality Building Society solicitors panel number.