Common questions asked concerning the Penrith Building Society Conveyancing Panel from members of the public
My husband and I are buying a 1 bedroom flat in Hackney with a mortgage from Penrith Building Society. We would like to retain our lawyer but Penrith Building Society says he's not on their "panel". We have to appoint one of the Penrith Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Penrith Building Society use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Penrith Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Penrith Building Society
My nephew is in the process of securing a new build apartment with a mortgage from Penrith Building Society. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. 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.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Penrith Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Liverpool, FTBs purchasing with a mortgage (lender is Penrith Building Society , but our lawyer is on the Penrith Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Penrith Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I previously instructed online solicitors based in London who are on the Penrith Building Society solicitor panel. They have just invoiced me a separate fee of £150 for dealing with the Penrith Building Society mortgage. Is this an additional conveyancing fee set 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.
My husband and I are at the point of looking at flats and am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Penrith Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use 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.
Penrith Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Penrith Building Society or your broker and complete any relevant paperwork. Penrith Building Society will tell you what documents they want. Penrith Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Penrith Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
