Looking for information about your firm's panel status?
Penrith Building Society Conveyancing Panel Information:
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.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Penrith Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.
Check with your Compliance Officer, but a firm should not send the complete conveyancing file without the borrower client’s express consent – and if he is in arrears with the lender he is hardly likely to agree. However, if the lender can establish a prima facie case of fraud, then you may be under an obligation to disclose the whole file.
The emerging convention is that lenders are including an authority to disclose in loan application forms to counter this problem. Mortgage Express v Sawali, 2010 EWHC 3054 (Ch) indicates that such provisions valid? Please click here for more information about that case.
Find a Lawyer on the Penrith Building Society Approved Conveyancing Solicitors
powered by LenderPanel
Year | Days* |
---|---|
2024 | [no data] |
2023 | [no data] |
2022 | [no data] |
2021 | [no data] |
2020 | [no data] |
2019 | [no data] |
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