Principality Building Society Conveyancing Panel Recently Asked Questions from members of the public
Am I correct in assuming that the fact that my solicitor is not identified on the Principality Building Society Conveyancing panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Principality Building Society.
My lawyer has discovered an inconsistency between the information in Principality Building Society’s valuation survey and what is in the conveyancing documents. My lawyer has advised that as he is on the Principality Building Society conveyancing panel he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance right?
A precondition to being on the Principality Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Principality Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am Googling for conveyancing quotes online. Can I be assured that all the 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 bank or a member of the public that the data about a specific firm being on the Principality Building Society conveyancing panel is not accurate.
What happens if my solicitor is suspended from the Principality Building Society Conveyancing panel prior to the completion date?
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 have paid off my mortgage with Principality Building Society. I assume I don't need a solicitor on the Principality Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality Building Society mortgage from the register. Principality 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 Principality Building Society has sent the Land Registry the discharge electronically, and
the Principality Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Principality Building Society mortgage has been paid off.
For 5 years I had a mortgage with Principality Building Society. My father has just retired and wants to pay off my mortgage. After Principality 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 Principality Building Society conveyancing panel? I do not intend to live at the property once the Principality Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Principality 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Principality Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Principality Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Principality Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.