Principality Building Society Conveyancing Panel Information

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

We only know of two or three banks that operate a distinct approved solicitors panel where the mortgage advance is over a certain level. You should nevertheless check directly with Principality Building Society. At one stage HSBC would only allow Sole practitioners to act for them where the mortgage was below £150,000. We are not sure if HSBC still operate such a condition. In your case it is best to check with Principality Building Society

In the same way that there is a unique Principality Building Society conveyancing panel most building societies, operate a conveyancing panel for solicitors and other conveyancers that the lender will instruct. Terms and Conditions and criteria for inclusion on a building society conveyancing panel vary from lender-to-lender. Having CQS accreditation may be a requirement. Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis. The BSA have not published the equivalent of the UK Finance Lenders’ Handbook Part 3s.

With mortgage companies and solicitors working so closely with one another it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the Principality Building Society conveyancing panel but for all mortgage panel listings

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 would be advised to get in touch with Principality Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains a specific section for lenders to establish who to contact to obtain standard documents. Principality Building Society in their Part 2’s state: It is likely that you will need to disclose the firm’s Principality Building Society conveyancing panel reference.