Penrith Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers. It is a unique risk management tool.

This system is the only way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with automatic updates on Penrith Building Society’s changes. Even though using the tool is not a condition for acceptance on the Penrith Building Society panel, demonstrating you can stay up to date with Penrith Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, safeguard your firm’s panel standing.

COMPLETIONmonitor creates real-time alerts, automatically produces compliance and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, leads to a PII saving.

Find a Law Firm approved by Penrith Building Society

Mortgage companies frequently vary their requirements. The BSA instructions from Penrith Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:

A Timeline of Policy Changes


Since 2010, Penrith Building Society has made 20 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 136.5 days. In total, 14% of the sections of the BSA Requirements for Penrith Building Society have been changed since 26/1/2010.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
C.19 02/08/2018 BSA
D.34 20/05/2016 BSA
E.12 21/03/2016 BSA
C.12 24/11/2015 BSA
B.22 10/02/2014 BSA
D.34 10/02/2014 BSA
E.1 10/02/2014 BSA
C.12 10/02/2014 BSA
A.12 10/02/2014 BSA
B.3 10/02/2014 BSA

Last update 07/01/2019

Penrith Building Society Conveyancing Panel : Questions and Answers from members of the public

My fiance and I are first time buyers. Within the 48 hours our property lawyer 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 advise us that there is now an issue as our conveyancer is not on their approved list of lawyers. What do we do from here?
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 solicitors 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 don't have to instruct a firm on the Penrith Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.

Our god-son is buying a newly built flat with a mortgage from Penrith Building Society. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Penrith Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked.

The Developer will be required to start the process by downloading the form and completing it.

The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Penrith Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

I need to find a Penrith Building Society panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent why you need a Penrith Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Penrith Building Society to find out which solicitors in Penrith Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I am considering applying for a Penrith Building Society mortgage for purchase of a new build (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Penrith Building Society?
In theory, you could use a solicitor that is not on Penrith Building Society conveyancing panel, but Penrith Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Do conveyancing solicitors on the Penrith Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I had instructed online solicitors located in Manchester who are on the Penrith Building Society solicitor panel. They are now charging me a separate fee of £175 for dealing with the Penrith Building Society mortgage. Is this an additional conveyancing fee specified by Penrith Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Penrith Building Society but by your lawyers. Some firms on the Penrith Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I'm in the process of viewing apartments and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Penrith Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Penrith Building Society , ask your prospective lawyers check they are on the Penrith Building Society conveyancing panel otherwise they can't do the mortgage legal work.