Q and A’s regarding the Principality Building Society Conveyancing Panel from members of the public
My fiance and I are purchasing a 1 bedroom apartment in Hackney with a mortgage from Principality Building Society. We have a solicitor but Principality Building Society says he's not on their "panel". We have to appoint one of the Principality Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Principality Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Principality Building Society
Our solicitor has identified a problem with the lease for the property we are purchasing. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the Principality Building Society conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Principality Building Society?
Just because you have a mortgage offer from Principality Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Principality Building Society are the client. The appropriate lender requirements have to be complied with by the Principality Building Society conveyancing panel who has to balance acting for you and Principality Building Society
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Principality Building Society conveyancing panel. My lawyer has said that they are on the Principality 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 Principality 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 Principality Building Society solicitor panel.
I am considering applying for a Principality Building Society mortgage for purchase of a new build (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Principality Building Society?
In theory, you could use a solicitor that is not on Principality Building Society conveyancing panel, but Principality Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
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.
I am currently in the process of buying my council flat. I have a mortgage offer 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.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. 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? At what point should I appy for the mortgage 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.