Penrith Building Society Solicitor Panel Sample Enquires to our Call Center from members of the public
I am progressing with the sale of my apartment and the estate agent has just e-mailed to say that the buyers are swapping solicitor. The reason given is that Penrith Building Society will only deal with property lawyers on their conveyancing panel. Why would a leading lender only work with specific solicitors?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Expecting to move into my new home next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Penrith Building Society. What does the insurance need to cover?
Any lawyer on the Penrith Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Penrith Building Society’s Part 2 requirements of the CML Handbook (last updated on Penrith Building Society). Being on the Penrith Building Society conveyancing panel your lawyer is expect to follow these requirements.
How do I search for a local solicitor on the Penrith Building Society conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Penrith Building Society solicitor panel.
I am trying to get my ex-wife taken off the mortgage deeds. Can Penrith Building Society really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Penrith Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Penrith Building Society solicitors panel
Can I be sure that the solicitor on the Penrith Building Society panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing
Why might a lender such as Penrith Building Society withdraw a mortgage offer?
Banks and Building Societies such as Penrith Building Society can revoke their mortgage offer although this rarely happens. should Penrith Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Where information comes to Penrith Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the borrower informs Penrith Building Society of a change in the loan amount agreed
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
