Penrith Building Society Solicitor Panel Recently Asked Questions from members of the public
On what basis could a firm of solicitors be excluded from the Penrith Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Penrith Building Society
Much to my surprise my conveyancing solicitor has requested from me personal identification documents saying that this forms part of his obligations as a solicitor on the Penrith Building Society Conveyancing panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Penrith Building Society your lawyer also has to check ID documents to satisfy Penrith Building Society
I am looking to buy a property and need a conveyancing solicitor in London who is on the Penrith Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Penrith Building Society . We don’t recommend any particular firm.
Can you clarify what the consequences are if my solicitor is expelled from the Penrith Building Society Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
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.
Is it the case that all conveyancing solicitors on the Penrith Building Society conveyancing panel work on a no move no charge basis?
On the whole there are 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 service
Can I be sure that the solicitor on the Penrith Building Society panel is any good?
Getting recommendations is a good 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 recommend that you speak with the solicitor handling your transaction
My wife and I have arranged a further advance on our mortgage from Penrith Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Penrith Building Society conveyancing panel to deal with the paperwork?
Penrith Building Society would not normally instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Penrith Building Society panel