Frequently asked questions relating to the Principality Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my maisonette and the estate agent has just telephoned to say that the buyers are swapping law firm. The excuse is that Principality Building Society will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our property lawyer is asking me for proof of ID documents asserting that this is part of his legal duty as a conveyancer on the Principality Building Society Conveyancing panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Principality Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Principality Building Society CML Handbook requirements last updated on Principality Building Society
I am looking for online conveyancing estimates. Can I be assured that all the law firms that are identified on your site are on the Principality Building Society conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Principality Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Principality 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 Principality Building Society conveyancing panel is not accurate.
I would like to get my former partner taken off the mortgage deeds. Can Principality Building Society really tell me which solicitor I can or can not use?
You can use any solicitor you like but Principality 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 Principality Building Society solicitors panel
When it comes to lenders such as Principality Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
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 am currently in the process of buying my council flat. I have a mortgage agreed with Principality Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Principality Building Society you will need to appoint a solicitor on the Principality Building Society conveyancing panel.
My ex -wife’s name is on the Principality Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Principality Building Society mortgage in order to sell?
As regards the Principality Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Principality Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
