Principality Building Society Conveyancing Lender Panel Compliance Tool

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

This software assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their requirements, with automatic updates on Principality Building Society’s changes. Even though using this technology is not a condition for acceptance 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 application to their lender panel and, just as importantly, safeguard your panel standing.

The software creates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. It is also user friendly, cost-effective and, for some firms, leads to reduced PII premiums.

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, 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,

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Frequently asked questions relating to the Principality Building Society Conveyancing Panel from members of the public

I need to swap lawyers as my lawyer is not on the Principality Building Society panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Our son is purchasing a newly built flat with a mortgage from Principality Building Society. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged 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 surveyor when asked.

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.

Whilst your website is a good idea there are many lawyers listed near Chelsea on the Principality Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Principality Building Society approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The solicitors that I appointed last week on my purchase in London has without warning shut down. I only went with them because I had to have a lawyer on the Principality Building Society conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help
Is there a list of Principality Building Society panel conveyancers on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Principality Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that 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.
Why might a lender such as Principality Building Society withdraw a mortgage offer?
Lenders such as Principality Building Society can withdraw their mortgage offer although this rarely happens. In the unlikely event that Principality Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
  • Where information comes to Principality Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
  • If the borrower informs Principality Building Society of a change in the loan amount agreed
  • A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
  • Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
  • If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;