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approved by Principality BS
Ready to buy a new home? Failing to check that a lawyer is on the Principality BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Principality Building Society Conveyancing Panel? How can my firm be reinstated onto the Principality Building Society Conveyancing Panel?Find an Approved Solicitor on the Principality Building Society Conveyancing Panel
Q and A’s regarding the Principality Building Society Conveyancing Panel
My Conveyancer is not listed on the Principality Building Society Solicitor Panel. Is it possible for me to retain my preferred solicitor notwithstanding that they are excluded from the Principality Building Society panel?
You have a number of options available to you here:
- Complete the purchase with your preferred lawyers but Principality Building Society will need to instruct a lawyer on the Principality Building Society conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Principality Building Society conveyancing panel.
- Urge your lawyer to apply to join the Principality Building Society lender panel
My conveyancer has spotted an inconsistency when comparing the surveyor’s assumptions in Principality Building Society’s valuation survey and what is in the conveyancing documents. 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 still content to lend. Is my solicitor’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.
I note that you have a post code search directory listing solicitors on the Principality Building Society conveyancing panel. Do firms pay you a referral fee if I instruct them for my 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 attempting to get my ex-wife removed the mortgage deeds. Can Principality Building Society really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Principality Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Principality Building Society solicitors panel
For 5 years I had a mortgage with Principality Building Society. My grandfather 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Completion of my remortgage 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 point of contact should be one of the Principality Building Society branches or the Customer Services Team at Principality Building Society head office. Ordinarily complaints to Principality Building Society are resolved very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have instructed a lawyer having checked that they are on the Principality Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Or
Having read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Principality Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Principality Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Principality Building Society you could contact your them to see if they have a list of approved surveyors.