Examples of recent questions relating to the Penrith Building Society Solicitor Panel from members of the public
My fiance and I are first time buyers. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Penrith Building Society have this afternoon contacted us to inform me that they have now hit a problem as our conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Penrith Building Society and see if they can apply for membership of the Penrith Building Society conveyancing panel, but if that is not viable Penrith Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Penrith Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Please assist. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Penrith Building Society was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer has advised that as she is on the Penrith Building Society conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Penrith Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Penrith Building Society)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Penrith Building Society.
Your search tool is useful but there are many lawyers listed near Newcastle on the Penrith Building Society conveyancing panel. Can you recommend a specific firm on the Penrith Building Society approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
What happens if my lawyer’s firm is expelled from the Penrith Building Society Solicitor panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How can we tell if a solicitor on the Penrith Building Society panel is any good?
seeking recommendations is a good starting point. 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 suggest that you speak with the solicitor handling your conveyancing
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Penrith Building Society conveyancing panel requirements are different to Penrith Building Society’s conveyancing panel requirements.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with Penrith Building Society. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Penrith Building Society involved you will need to appoint a solicitor on the Penrith Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Penrith Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Penrith Building Society conveyancing panel.