Penrith Building Society Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.

This software is the only 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. Even though utilising the software is not a prerequisite for Penrith Building Society , demonstrating you can stay up to date with Penrith Building Society’s Handbook requirements is an excellent support to your panel application and, more importantly, protect your panel standing.

COMPLETIONmonitor generates real-time alerts, automatically produces regulatory and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for some firms, leads to a PII saving.

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Mortgage companies frequently change 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
E.12 21/03/2016 BSA
D.34 24/11/2015 BSA
C.12 24/11/2015 BSA
E.1 10/02/2014 BSA
E.12 10/02/2014 BSA
C.12 10/02/2014 BSA
A.12 10/02/2014 BSA
B.3 10/02/2014 BSA
D.14 01/08/2012 BSA

Last update 08/11/2018

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

I need to swap lawyers as my lawyer is not on the Penrith Building Society panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
I am purchasing a new build duplex and my lawyer is informing me that she is duty bound to reveal incentives from the developer as her practice is on the Penrith Building Society conveyancing panel. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong the conveyancing. 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.
Your search tool is useful but there are many lawyers listed near London on the Penrith Building Society conveyancing panel. It would be a lot more helpful if you could 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..
I am purchasing a terraced house and getting a mortgage with Penrith Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Penrith Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Penrith Building Society conveyancing panel in your location.
I previously instructed online conveyancers based in Cardiff who are on the Penrith Building Society solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Penrith Building Society mortgage. Is this a supplemental 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 and others do not.
I have today made my last payment due on mortgage with Penrith Building Society. I assume I don't need a solicitor on the Penrith Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Penrith Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Penrith Building Society mortgage from the register. Penrith Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage: but are not moving to another property where the Penrith Building Society has sent the Land Registry the discharge electronically, and the Penrith Building Society has instructed the Land Registry to do so The Land Registry will send you a letter confirming that your Penrith Building Society mortgage has been paid off.
The for formalities of my remortgage has taken place with a loan from Penrith Building Society. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Penrith Building Society. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the Penrith Building Society branches or the Customer Services Team at Penrith Building Society head office. Ordinarily complaints to Penrith Building Society are resolved very quickly. If you feel that the matter is not resolved you can write to the Financial Ombudsman Service who will take matters further.