Examples of recent questions relating to the Penrith Building Society Solicitor Panel from members of the public
A lawyer my fiance and I wanted to use for conveyancing on a remortgage said she will levy higher legal fees if my lender is due to their unusual legal requirements. Am I likely to be frustrated using Penrith Building Society? Any comments will be appreciated
Penrith Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Penrith Building Society conveyancing panel. If they are not, this does add further risk of delay as Penrith Building Society will appoint their own solicitors to look after their interest.
My son-in-law is in the process of securing a house that has just been built with a home loan from Penrith Building Society. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. 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 valuer when requested.
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.
I am looking for online conveyancing estimates. Can I be sure that all the practices that are listed on your directory are on the Penrith Building Society conveyancing panel?
The law firms on our directory have advised us that they are on the Penrith Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Penrith Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Penrith Building Society conveyancing panel is incorrect.
The lawyers that I recently instructed on my purchase in Manchester has without warning shut down. I chose them because I had to have a lawyer on the Penrith Building Society conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Penrith Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help
When it comes to lenders such as Penrith Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
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 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. Am I right?
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.
It is not clear whether my mortgage offer requires a lease extension . I have called 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.