Common questions asked concerning the Penrith Building Society Solicitor Panel from members of the public
I appointed a law firm to conduct the legal paperwork on my house purchase six weeks ago having applied for a mortgage with Penrith Building Society. The firm confirmed to me that they are on Penrith Building Society conveyancing panel and provided me their panel reference. Penrith Building Society then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the conveyancing panel for Penrith Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Penrith Building Society as to how long they think it will take to get the firm to get back on the panel.
Much to my surprise my conveyancing solicitor has requested from me proof of ID documents asserting that this forms part of his requirements as a solicitor on the Penrith Building Society Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Penrith Building Society your lawyer also has to check ID documents to satisfy Penrith Building Society
I require the services of a Penrith Building Society panel solicitor in Belfast. Can you assist?
It is not clear why you need a Penrith Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Penrith Building Society to find out which solicitors in Penrith Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I was supposed to complete on my first house last Friday. My solicitor is on the Penrith Building Society solicitors panel but has moved offices 8 weeks ago and had not advised Penrith Building Society of their new address. Penrith Building Society has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Penrith Building Society branch or your mortgage broker to see if they can help.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Penrith Building Society conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Do conveyancing lawyers on the Penrith Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
Intending to buy a house with a mortgage with Penrith Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Penrith Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Penrith Building Society conveyancing panel
