COMPLETIONmonitor is web-based pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. It is a unique risk management tool.
This system optimises the way you can prove to lender panels that you are, and can remain fully compliant with their instructions, with alerts on Penrith Building Society’s changes. Notwithstanding that using COMPLETIONmonitor is not a condition for acceptance on the Penrith Building Society panel, demonstrating you can remain up to date with Penrith Building Society’s Handbook requirements is an excellent support to your panel application and, just as importantly, protect your panel status.
COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will enhance your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to a PII saving.
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Lenders 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, frequently:
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Examples of recent questions relating to the Penrith Building Society Solicitor Panel
from members of the public
My husband and I are novices when it comes to buying a property. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Penrith Building Society have this evening contacted us to advise us that they have now hit a problem as our lawyer 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 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 are not legally obliged to appoint a law firm on the Penrith Building Society conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am purchasing a new build duplex and my solicitor is informing me that she has to reveal incentives from the builder as her practice is on the Penrith Building Society conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How up to date is your search tool for the Penrith Building Society conveyancing panel? Do Penrith Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Penrith Building Society conveyancing panel as opposed to being supplied with a list from Penrith Building Society directly.
I was due to move into my dream home yesterday. My lawyer’s firm is on the Penrith Building Society solicitors panel but has moved offices 8 weeks ago and had not informed Penrith Building Society of their new address. Penrith Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Penrith Building Society branch or your mortgage broker to see if they can assist.
Do most banks 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 criteria.
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Penrith Building Society conveyancing panel complaints department or do I complain directly to the law firm?
Complaining to Penrith Building Society about their conveyancing panel is unlikely to yield much of a response. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
My ex -wife’s name is on the Penrith Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Penrith Building Society mortgage in order to sell?
In terms of the Penrith Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Penrith Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
