FAQs : The Penrith Building Society Conveyancing Panel
from members of the public
Is there a reason why all property lawyers are not on the Penrith Building Society Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Penrith Building Society will not agree to this. Why was Penrith Building Society even consulted?
Your lawyer being on the Penrith Building Society conveyancing panel is duty bound to inform Penrith Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Penrith Building Society then they would have to discontinue acting for you and Penrith Building Society.
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.
Please explain the implications if my solicitor is suspended from the Penrith Building Society Solicitor panel in advance of the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. 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. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Penrith Building Society. Is it possible to avoid using solicitors to save us both money? 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.
We expect to receive a DIP from Penrith Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Penrith Building Society recommend a solicitor on the Penrith Building Society conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Penrith Building Society conveyancing panel. The solicitor represents both you and the Penrith Building Society through the process.
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.