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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
Examples of recent questions relating to the Principality Building Society Conveyancing Panel
I appointed a firm of solicitors to conduct the legal paperwork on my purchase six weeks ago having applied for a mortgage with Principality Building Society. The solicitors confirmed to me that they are on Principality Building Society conveyancing panel and advised me their panel number. Principality Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed 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 only a couple days away from 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 disclose this to my lender Principality Building Society. Apparently, 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 coming from anyone other than me. I advised 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.
Your search tool is useful but there are many lawyers listed near Chelsea on the Principality Building Society conveyancing panel. Can you recommend a specific firm on the Principality Building Society approved panel?
We are not in the business of recommending one firm above another 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 lawyer’s firm is removed from the Principality Building Society Solicitor panel in advance of the completion date?
The first thing to point out is that, this is a very rare occurrence. 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.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Principality Building Society. Is there anyway to cut out the solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
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.
After shopping around on the internet I have found a solicitor having checked that they are on the Principality Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,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.
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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.
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.