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. COMPLETIONmonitor is a unique risk mitigation tool.

This system assists the way you can demonstrate to lender panels that you are, and can stay fully compliant with their requirements, with automatic updates on Principality Building Society’s changes. While using the tool 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 panel application and, just as importantly, protect your firm’s panel status.

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

Find a Law Firm approved by Principality Building Society

Mortgage companies 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, over time:

A Timeline of Policy Changes

Since 2008, Principality Building Society has made 273 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 10.0 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.

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Q and A’s regarding the Principality Building Society Solicitor Panel from members of the public

I am expecting a mortgage with Principality Building Society. I hope to enlist the help of a Licensed Conveyancer. Does the Principality Building Society Conveyancing panel allow for conveyancers regulated by the CLC
Principality Building Society’s approved solicitor list is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My lawyer has discovered a difference when comparing the surveyor’s assumptions in Principality Building Society’s home valuation report and what is in the title deeds. My lawyer has advised that as he is on the Principality Building Society conveyancing panel he is duty bound to ensure that the lender is with this discrepancy and is still content to lend. Is my solicitor’s course or action 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 both parties.
I have been searching for online conveyancing estimates. Can I be confident that all the practices that are identified on your site are on the Principality Building Society conveyancing panel?
The law firms on our directory 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 lender or a member of the public that the data about a specific firm being on the Principality Building Society conveyancing panel is incorrect.
I would like to get my former partner removed the mortgage deeds. Can Principality Building Society really insist on which solicitor I can or can not instruct?
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
I had instructed online conveyancers located in Birmingham who are on the Principality Building Society solicitor panel. They have just invoiced me a separate fee of £175 for dealing with the Principality Building Society mortgage. Is this a supplemental conveyancing fee specified by Principality Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Principality Building Society but by your lawyers. Some firms on the Principality Building Society will charge an ‘acting for lender’ fee and others do not.
I have a mortgage with Principality Building Society. My godfather retired last week and wants to pay off the mortgage left on the property. 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.
I am selling my house. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality Building Society are being a right pain. The solicitor who is on the Principality Building Society conveyancing panel is saying indemnity insurance will be fine 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.