Principality Building Society Conveyancing Lender Panel Compliance Tool

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

This software optimises the way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with automatic updates on Principality Building Society’s changes. Even though utilising the software is not a prerequisite for Principality Building Society , demonstrating you can remain up to date with Principality Building Society’s Handbook requirements is a helpful support to your application to their lender panel and, more importantly, safeguard your panel status.

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. It is also user friendly, cost-effective and, for some firms, results in a PII saving.

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Lenders often change their requirements. The UK Finance Lenders’ Handbook requirements from Principality 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 2008, Principality Building Society has made 270 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 10.1 days. In total, 64% of the sections of P2 of the UK Finance Lenders’ Handbook for Principality Building Society have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 07/11/2018 CML
16.1.1 29/11/2017 CML
4.3 29/11/2017 CML
4.5b 29/11/2017 CML
5.16.2 29/11/2017 CML
6.13.1 29/11/2017 CML
6.1.3 29/11/2017 CML
7.4 29/11/2017 CML
5.20.3 29/11/2017 CML
5.20.4 29/11/2017 CML

Last update 22/07/2019

FAQs for the Principality Building Society Solicitor Panel from members of the public

I need to swap lawyers as my lawyer is not on the Principality Building Society panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
My husband and I intend to remortgage our flat with Principality Building Society. We have a son approaching twenty who lives with us. The solicitor on the Principality Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Principality Building Society conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality Building Society .This is solely used to protect the Principality Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.

It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

I need to find a Principality Building Society panel solicitor in Inverness. Can you assist?
It is not clear why you need a Principality 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 Principality Building Society to find out which solicitors in Principality Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in Liverpool, FTBs purchasing with a mortgage (lender is Principality Building Society , but our solicitor is on the Principality Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing solicitors on the Principality Building Society conveyancing panel work on a no sale no fee 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
Two weeks ago we had a mortgage agreed in principle with Principality Building Society. Solicitors have been chosen? How long does it take for Principality Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Principality Building Society conducted the survey? Have you advised Principality Building Society as your lawyers details and checked that your lawyer is on the Principality Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality Building Society are being a right pain. The solicitor who is on the Principality Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality Building Society are insisting on a building regulation certificate. Why do Principality Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Principality Building Society have referred the matter to their valuer. The reason why Principality Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.