Principality Building Society Conveyancing Lender Panel Compliance Tool

Lexsure’s COMPLETIONmonitor is web-based 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 instructions, with notifications given on Principality Building Society’s changes. While utilising COMPLETIONmonitor 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 application to their lender panel and, just as importantly, protect your panel status.

The software creates real-time alerts, automatically produces COLP and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by Principality Building Society

Lenders frequently vary 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, frequently:

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,

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Common questions asked concerning the Principality Building Society Solicitor Panel from members of the public

Is there a reason why all UK lawyers are not on the Principality Building Society Solicitor panel?
Principality Building Society and other banks tend to restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Principality Building Society have no responsibility for the quality of advice provided by any member of Principality Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
My solicitor has uncovered a discrepancy between the assumptions in Principality Building Society’s valuation report and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the Principality Building Society conveyancing panel he needs to ensure that the bank is with this discrepancy and is content go ahead. Is my solicitor’s stance legitimate?
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 note that you have a post code search directory listing law firms on the Principality Building Society conveyancing panel. Do firms pay you a commission if I appoint 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.
I am buying a terraced house 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.
Can I be sure that the solicitor on the Principality Building Society panel is any good?
Getting recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your transaction
I'm spending time viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Principality Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Principality Building Society , ask your prospective lawyers check they are on the Principality Building Society conveyancing panel otherwise they can't do the mortgage legal work.
The for formalities of my purchase has taken place with a mortgage from Principality Building Society. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Principality Building Society. How do I make a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the Principality Building Society branches or the Customer Services Team at Principality Building Society head office. In most cases complaints to Principality Building Society are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.