Penrith Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. It is a unique risk mitigation tool.

This system assists the way you can prove to lender panels that you are, and can stay fully compliant with their requirements, with alerts on Penrith Building Society’s changes. While utilising the tool 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 application to their lender panel and, more importantly, safeguard your firm’s panel status.

COMPLETIONmonitor generates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. It is also simply to use, cost-effective and, for some firms, results in reduced PII premiums.

Find a Law Firm approved by Penrith Building Society

Lenders frequently vary 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, frequently:

A Timeline of Policy Changes


Since 2010, Penrith Building Society has made 23 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 118.7 days. In total, 15% of the sections of the BSA Requirements for Penrith Building Society have been changed since 26/1/2010.

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Penrith Building Society Solicitor Panel Recently Asked Questions from members of the public

I would like to know the reason why all solicitors aren't included on the Penrith Building Society Solicitor panel?
As unjust as it may seem for Penrith Building Society to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Penrith Building Society have restricted their conveyancing panel to a size that they are happy to control. The Penrith Building Society lawyer panel is not the smallest
We are approaching an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Penrith Building Society. Apparently, being on the Penrith Building Society conveyancing panel and acting on their behalf he must inform Penrith Building Society if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Penrith Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Penrith Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Penrith Building Society conveyancing panel. My lawyer has said that they are on the Penrith Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Penrith Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Penrith Building Society solicitor panel.
I am attempting to get my ex-wife taken off the mortgage deeds. Can Penrith Building Society really insist on which solicitor I can or can not use?
You can use any solicitor you like but Penrith Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Penrith Building Society solicitors panel
When it comes to lenders such as Penrith Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I previously instructed online conveyancers located in Bristol who are on the Penrith Building Society solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of 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 but plenty of firms include it on their overall fee.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Penrith Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Penrith Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Penrith Building Society. Unless your lawyer obtains specific confirmation in writing that Penrith Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Penrith Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.