Principality Building Society Conveyancing Lender Panel Compliance Tool

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

This software optimises 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 utilising the software is not a prerequisite for Principality Building Society , 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, more importantly, protect your panel status.

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

Find a Law Firm approved by Principality Building Society

Mortgage companies 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 270 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 10.1 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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Recent Changes Include

# Date Assoc. Changes Related To
6.4.5 07/12/2017 CML
1.11b 29/11/2017 CML
16.3.2 29/11/2017 CML
5.14.15b 29/11/2017 CML Absentee Landlord Indemnity Insurance
5.14.9 29/11/2017 CML
5.15.2a 29/11/2017 CML
5.1.1 29/11/2017 CML
5.7.1b 29/11/2017 CML Flying Freehold Indemnity Insurance
7.4 29/11/2017 CML
6.7.1 14/03/2017 CML

Last update 21/09/2019

Principality Building Society Conveyancing Panel : Questions and Answers from members of the public

My financial adviser has informed me that I have to pay Principality Building Society fees should I instruct my family lawyer. How good are the Principality Building Society conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH provided that they are good and not exorbitantly priced. Are there any Principality Building Society conveyancers you'd recommend?
Principality Building Society’s conveyancing panel is pretty large so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Principality Building Society will allow to act for them.
My solicitor has spotted a difference when comparing the information in Principality Building Society’s valuation survey and what is in the legal papers for the property. My lawyer informs me that as he is on the Principality Building Society conveyancing panel he must check that the bank is OK with this discrepancy and is content go ahead. Is my conveyancer’s course or action right?
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 you.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Principality Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
We're in London, FTBs purchasing 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
How can we tell if a solicitor on the Principality Building Society panel is any good?
seeking recommendations is a good 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 lawyer handling your transaction
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?
As you are obtaining a mortgage with 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.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Principality Building Society. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Principality Building Society involved you will need to appoint a solicitor on the Principality Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Principality Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Principality Building Society conveyancing panel.