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. It is a unique risk management tool.

This software facilitates 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. While using 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 a helpful support to your application to their lender panel and, more importantly, protect your panel status.

The system creates real-time alerts, automatically produces compliance and CQS reports, and will improve your firm's efficiency. It is also simply to use, 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 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, frequently:

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
1.11a 29/11/2017 CML
16.3.7a 29/11/2017 CML
16.5.3d 29/11/2017 CML
17.1.1 29/11/2017 CML
4.5a 29/11/2017 CML
5.14.9 29/11/2017 CML
5.16.2 29/11/2017 CML
6.11.1 29/11/2017 CML Obstruction of Access Indemnity Insurance
6.13.1 29/11/2017 CML
5.2.1 29/11/2017 CML

Last update 23/05/2019

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

I appointed a firm of solicitors to work on my remortgage 4 weeks ago having applied for a mortgage with Principality Building Society. The solicitors reassured me that they are on Principality Building Society conveyancing panel and gave me their panel number. Principality Building Society then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Principality Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Principality Building Society conveyancing panel You may wish to enlist the help of your broker to check with the Principality Building Society as to the time frame to get your lawyer reinstated on the panel once again.
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Principality Building Society. I am advised that, being on the Principality Building Society conveyancing panel and acting on their behalf he must inform Principality Building Society if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Principality Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Principality Building Society if you agree, failing which, your lawyer must cease to continue acting.
Are there any apps to help find a local solicitor on the Principality Building Society conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the conveyancer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Principality Building Society solicitor panel.
My conveyancers in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Principality Building Society. Is it case that being on the Principality Building Society conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Principality Building Society Conveyancing Panel Terms. It might be worth you contacting Principality Building Society directly.
My wife and I have arranged a further advance on our mortgage from Principality Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Principality Building Society conveyancing panel to deal with the paperwork?
Principality Building Society do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Principality Building Society list
I was told three weeks ago that my mortgage has been agreed to by Principality Building Society. Is it usual for Principality Building Society to only issue the offer once my solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality Building Society to deal with your lawyers application to be on the Principality Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
My ex -wife’s name is on the Principality Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Principality Building Society mortgage in order to sell?
As regards the Principality Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Principality Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.