Frequently asked questions relating to the Penrith Building Society Solicitor Panel from members of the public
My mortgage broker has has requested my solicitor’s panel reference for the Penrith Building Society conveyancing panel. What is the best way to find this out. I have called my local Penrith Building Society office but they don't know it.
the sensible thing to do is ask for this information from your solicitor. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Penrith Building Society.
Can you clarify something for me?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Penrith Building Society was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the Penrith Building Society conveyancing panel she needs to redo the searches as they are now out of date.
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)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Penrith Building Society.
I have been looking for competitive conveyancing fees. Can I be assured that all the firms that are listed on your website are on the Penrith Building Society conveyancing panel?
The law firms listed on our site 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 bank or a member of the public that the data about a specific firm being on the Penrith Building Society conveyancing panel is incorrect.
I would like to get my ex-husband taken off the mortgage deeds. Can Penrith Building Society really insist on which solicitor I can or can not retain?
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
I have paid off my 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.
I have a mortgage with Penrith Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After Penrith Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Penrith Building Society conveyancing panel? I do not intend to live at the property once the Penrith Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Penrith Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
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 telephoned Penrith Building Society on various occasions and told it wasn't a problem 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. Who do I believe?
As long as the conveyancer is on the Penrith Building Society panel she or he must comply with the CML Handbook 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.