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Penrith Building Society Conveyancing Lender Panel Compliance Tool

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Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk mitigation tool.

This software facilitates the way you can prove to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Penrith Building Society’s changes. Notwithstanding that using this technology is not a condition for being 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, safeguard your panel standing.

The software creates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for some firms, results in a PII saving.

Find a Law Firm approved by Penrith Building Society

Banks and building societies often 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 28 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 97.5 days. In total, 17% of the sections of the BSA Requirements for Penrith Building Society have been changed since 26/1/2010.

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Examples of recent questions relating to the Penrith Building Society Solicitor Panel from members of the public

I am getting a mortgage with Penrith Building Society. I hope to retain the legal services of a Licensed Conveyancer. Does the Penrith Building Society Conveyancing panel allow for conveyancers regulated by the CLC
Penrith Building Society’s approved solicitor list is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
I am purchasing a new build apartment and my conveyancer is telling me that she is duty bound to disclose incentives from the builder as her firm is on the Penrith Building Society conveyancing panel. The Estate Agents are hassling me to exchange contracts and my preference is not to prolong the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the Penrith Building Society panel?
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.
I note that you have a search directory identifying solicitors on the Penrith Building Society conveyancing panel. Do firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Penrith Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My lawyers in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Penrith Building Society. Is it case that being on the Penrith Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Penrith Building Society Conveyancing Panel Terms. It might be worth you contacting Penrith Building Society directly.
We are getting 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 firms on their approved list of lawyers 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
I have instructed a lawyer having checked that they are on the Penrith Building Society conveyancing panel. Does my lawyer arrange the survey of the property? Or Having digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Penrith Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Penrith Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Penrith Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller. or Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Penrith Building Society you could contact your them to see if they have a list of approved surveyors.
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.

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