FAQs : The Penrith Building Society Solicitor Panel from members of the public
We are purchasing a 2 bedroom flat in Hackney with a mortgage from Penrith Building Society. We like our lawyer but Penrith Building Society says she’s not on their "panel". We have to appoint one of the Penrith Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Penrith Building Society
I am buying a new build flat and my solicitor is advising me that she is duty bound to disclose incentives from the seller as her practice is on the Penrith Building Society conveyancing panel. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong deal. 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.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the Penrith Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Penrith Building Society ?
We are not in the business of recommending one firm above another 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
What happens if my solicitor is suspended from the Penrith Building Society Conveyancing panel prior to completion?
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.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Penrith Building Society. Is there anyway to cut out the solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Penrith Building Society involved you will need to appoint a solicitor on the Penrith Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Penrith Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Penrith Building Society conveyancing panel.
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.
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.