FAQs for the Principality Building Society Conveyancing Panel from members of the public
My financial adviser has informed me that I have to pay Principality Building Society fees if I use my own solicitor. How good are the Principality Building Society conveyancing panel solicitors? I dont care which law firm I use as long as they're good and not exorbitantly priced. Would you recommend a specific law firm on the Principality Building Society panel?
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 whether they are on it. 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 husband and I intend to remortgage our flat with Principality Building Society. We have a son 19 who lives with us. The solicitor on the Principality Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Principality Building Society conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Principality Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality Building Society .This is solely used to protect the Principality Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I see that you have a search directory identifying law firms on the Principality Building Society conveyancing panel. Do firms pay you a commission if I instruct them for my own conveyancing?
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.
My uncle passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Principality Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Principality Building Society will insist on your using a conveyancer on the Principality Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality Building Society mortgage is registered as a charge at the Land Registry.
Can you point me to a directory of Principality Building Society panel solicitors on the Building Society Association’s 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.
For 5 years I had a mortgage with Principality Building Society. My father 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 will it roughly 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. There's no capital gains tax for you as it is
your main residence.
I recently had an offer accepted on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Principality Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.