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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
Examples of recent questions relating to the Principality Building Society Solicitor Panel
Am I correct in assuming that the fact that my solicitor is not on the Principality Building Society Conveyancing panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Principality Building Society.
Please assist. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Principality Building Society was issued random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor has advised that as she is on the Principality Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
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 states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Principality Building Society.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Principality Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Principality Building Society ?
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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
What happens if my solicitor is suspended from the Principality Building Society Solicitor panel prior to completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We have a mortgage agreed in principle with Principality Building Society. Solicitors have been instructed? How long does it take for Principality Building Society to send the offer to our conveyancer
There is no definitive answer here. Have Principality Building Society conducted the valuation? Have you advised Principality Building Society as your lawyers details and checked that your lawyer is on the Principality Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am currently in the process of buying my council flat. I have a mortgage agreed with Principality Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Principality Building Society you will need to appoint a solicitor on the Principality Building Society conveyancing panel.
Can I register a complaint to Principality Building Society about the lawyers being on the Principality Building Society conveyancing panel?
Complaining to Principality Building Society about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.