Looking for information about your firm's panel status?
Penrith Building Society Solicitor Panel Assistance:
What are the Penrith Building Society conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
Firm must have minimum of 3 partners/principals and provide copy of the acting partner's practicing certificate and confirmation of professional indemnity insurance. Contact point see above.
You must also comply with the terms and conditions of your Penrith Building Society solicitor panel appointment.
As a practice on the Penrith Building Society solicitor panel who do I communicate with should we have a question conerning the BSA Specific Requirements ?
If you are a property lawyer and have a query about the mortgage instructions,
you should make contact with Penrith Building Society. The BSA will not advise or comment on specific queries relating to Penrith Building Society or other lenders.
A long standing client of my firm is purchasing a new build house for
£740k in Newcastle with a mortgage over GBP 440,000.
I am on the Penrith Building Society conveyancing panel but do Penrith Building Society have a separate approved panel when the advance is above 350k?
Lexsure only know of two or three lenders that operate a distinct approved solicitors panel where the mortgage advance is over a certain level.
You should nevertheless check directly with Penrith Building Society. At one stage HSBC would only allow Sole practitioners to act for
them where the mortgage was below £150,000. We are not sure if HSBC
still operate such a condition. In your case it is best to check with
Penrith Building Society
What reports are available via COMPLETIONmonitor to assist my appeal to be reinstated on the Penrith Building Society solicitor panel?
There are many reports available but examples include:
- Average time frame to register charges at the Land Registry
- Average time frame to send deeds to the lender (calculated from completion date or title registration)
- Number of conveyancing cases by lender
- The percentage of the firm’s business which is conveyancing (purchase and remortgage)
- Average mortgage advance
- Buy to Let transactions
- Disclosure to Lender analysis indicating frequency and nature of disclosures - to include benchmarking analysis against aggregate data
- Evidence of undertaking logs
- Current and historic missed priority dates
- Analysis as to the nature of clients (e.g. existing client )
My practice have never been on the Penrith Building Society approved panel as well other banks . My clients, who have applied for a mortgage with Penrith Building Society still want me to act for them regardless of the fact that we are not on the Penrith Building Society panel. Is it fine for me to use a firm down the road to act for Penrith Building Society on mortgage aspect of the conveyancing?
Please tread carefully here as what you are intending may not be acceptable to the mortgage company.
It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. An increasing amount of lenders are making it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender must appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancer.
You also need to make the costs implications and potential for delay very clear to your client.
My PI renewal application this year contained the following question: ‘Has your Firm been asked by a lender to agree to more onerous terms and conditions than provided for in the BSA Mortgage Instructions?’ My firm is on the majority of lender panels including the Penrith Building Society conveyancing panel. We have Terms and Conditions of appointment which we have to follow. Am I supposed to mention these Conditions?
The key here is the caveat ‘more onerous’.
You have to try and take an objective view as to whether the Terms relating to the Penrith Building Society conveyancing appointment (or other terms for other lenders) are ‘more onerous’ than the BSA Mortgage Instructions. Depending on the Terms you may need to provide details on your renewal form. If you are in any doubt please call your broker to discuss before completing the answer.
I have been a solicitor for over 30 years without a single claim against me and have been refused acceptance on the Penrith Building Society conveyancing panel with no explanation. Am I not entitled to know why?
Participation on the lender's panel of conveyancers is at the absolute
discretion of the the lender. The days of open panels are now long
gone. Many lenders reserve the right to accept or reject any
application without giving any reason. You should check your original
application to join the Penrith Building Society conveyancing panel
to see if you are entitled to a reason.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Penrith Building Society Approved Conveyancing Solicitors
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Average number of days to register title including a charge in favour of Penrith Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
| 2020 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Penrith Building Society Firms
- Draft Report on Title precedent for Penrith Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Penrith Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Penrith Building Society lender panel
- Buy-to-Let help for Penrith Building Society
- Consent-to-Let help for Penrith Building Society
- Contractor Mortgages with Penrith Building Society
