Principality Building Society Conveyancing Panel Recently Asked Questions from members of the public
Am I correct in assuming that the fact that my conveyancer is not on the Principality Building Society Solicitor panel that there is a problem with the quality of her 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.
Our son is about to exchange on a new build apartment with a home loan from Principality Building Society. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality Building Society conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I note that you have a post code search directory listing firms on the Principality Building Society conveyancing panel. Do firms pay you a commission if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Principality Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
We're in Liverpool, First timers buying with a mortgage (lender is Principality Building Society , but our solicitor is on the Principality Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality Building Society be concerned
As your lender is Principality Building Society your lawyer must to check the Principality Building Society conveyancing instructions contained in the Part of CML Handbook for Principality Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Principality Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
We expect to receive a DIP from Principality Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Principality Building Society recommend a solicitor on the Principality Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Principality Building Society conveyancing panel. The solicitor represents both you and the Principality Building Society through the process.
I have agreed a price on a apartment I spoke to a solicitor recommended by my mum and he recommended instructing a law firm approved by Principality Building Society. The estate agent recommended two local firms so I asked Principality Building Society if the 2 suggested solicitors are approved, which they are not. Principality Building Society suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Principality Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Principality Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Principality Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Principality Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Principality Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.