Principality Building Society Conveyancing Lender Panel Compliance Tool

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Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. It is a unique risk management tool.

This software assists the way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Principality Building Society’s changes. Notwithstanding that using the software is not a condition for being on the Principality Building Society panel, demonstrating you can remain up to date with Principality Building Society’s Handbook requirements is an excellent support to your panel application and, more importantly, safeguard your panel standing.

The system generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in reduced PII premiums.

Find a Law Firm approved by Principality Building Society

Banks and building societies 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.

To find out more about lender panel compliance,

Examples of recent questions relating to the Principality Building Society Conveyancing Panel from members of the public

Am I correct in assuming that the fact that my conveyancer is not identified on the Principality Building Society Solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. 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 most common reasons for removal are: (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.
I am purchasing a new build apartment and my solicitor is advising me that she is duty bound to disclose incentives from the seller as her practice is on the Principality Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and I would rather not prolong matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I require the services of a Principality Building Society panel solicitor in Stirling. Could you help me?
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
I am buying a right to buy flat and getting a mortgage with Principality Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Principality Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Principality Building Society conveyancing panel in your location.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Principality Building Society conveyancing panel requirements are different to Principality Building Society’s conveyancing panel criteria.
After much negotiation I have agreed a price on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Principality Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender 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?
In terms of 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.

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