Principality Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk mitigation tool.

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

COMPLETIONmonitor creates real-time alerts, automatically produces COLP and CQS reports, and will improve your firm's efficiency. In addition it is user friendly, 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 vary their requirements. The BSA instructions from Principality Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2010, Principality Building Society has made 270 revisions or additions to sections of their version of the BSA Requirements.
That equates to a section change every 10.1 days. In total, 64% of the sections of the BSA Requirements for Principality Building Society have been changed since 26/1/2010.

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Recent Changes Include

# Date Assoc. Changes Related To
10.3 29/11/2017 CML
1.11a 29/11/2017 CML
14.2.1 29/11/2017 CML
16.3.2 29/11/2017 CML
5.13.1 29/11/2017 CML Insolvency Act Indemnity Insurance Deed of Gift Indemnity Insurance
5.19.1 29/11/2017 CML
5.1.1 29/11/2017 CML
6.12.1 29/11/2017 CML
5.7.1c 29/11/2017 CML Flying Freehold Indemnity Insurance
5.20.4 29/11/2017 CML

Last update 08/01/2019

Principality Building Society Conveyancing Panel Sample Enquires to our Call Center from members of the public

Is the fact that my conveyancer is not identified on the Principality Building Society Solicitor panel that there is a problem with the standard of his 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.
I am purchasing a newly constructed duplex and my lawyer is advising me that she has to reveal incentives from the seller as her firm is on the Principality Building Society conveyancing panel. I am under pressure to exchange and I would rather not delay 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 have been searching for competitive conveyancing fees. Can I be assured that all the firms that are listed on your website 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 mortgage company or a member of the public that the data about a specific firm being on the Principality Building Society conveyancing panel is incorrect.
I am selling my house. Does my solicitor have to be on the Principality Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Principality Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
When it comes to lenders such as Principality Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
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.
For 5 years I had a mortgage with Principality Building Society. My godfather has just retired 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 does the process 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.
You will need a solicitor but they need not be on the Principality Building Society conveyancing 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.