Looking for information about your firm's panel status?
Penrith Building Society Solicitor Panel Information:
What are the Penrith Building Society conveyancing panel criteria?
Unlike the UK Finance 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:
The Society uses Legal Marketing Services Ltd (LMS) for its panel arrangements.
You must also comply with the terms and conditions of your Penrith Building Society solicitor panel appointment.
Is it conceivable that Penrith Building Society will select an alternative solicitor on the Penrith Building Society lender panel for a further advance during the lifetime of a mortgage ?
The Building Society Association Mortgage Instructions applicable to a solicitor on the Penrith Building Society conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Penrith Building Society conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction will need to be followed .
Do the Building Society Association intend to launch a searchable register to list solicitors on the Penrith Building Society conveyancing panel ?
We have not been informed any intention on the part of the BSA to develop such a tool .
I am hearing that agents are using online checkers to see if a firm is on a lender panel. Why?
Many estate agents will be suffering if their clients start out on the buying process having appointed a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors lawyers.
What sort of information are Lenders such as Penrith Building Society are asking for when it comes to applying to be on their approved solicitor list?
Each lender has different criteria.
We do not hold specific requirements relating to the questions raised as part of the application to be on the Penrith Building Society conveyancing panel. Typically lenders need to have full knowledge of a firm including (but not limited to):
- House price discrepancies (declared to lender vs. registered at Land Registry)
- Automated alerting to inform lenders when there is a fundamental change to the firm e.g. change of name
- Structure of firm and, where applicable, its group
- List of all those staff who work within the conveyancing team
- Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
- Full disciplinary history for each licensed conveyancer
- List of all those who fund the firm, including non-lawyers if applicable
- Whether any lender has ever made a claim against the firm’s PII cover
- Charge registration history
- Full complaints history for each conveyancing solicitor
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Penrith Building Society and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Penrith Building Society specifically), is that for too long
solicitors have concentrated on their duty of care to their purchasing
client, and have paid scant attention to the duty they owe to the
lender, whom they conveniently forget is also their client.
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.
Why has the Building Society Association introduced differing instructions from the CML?
The Building Society Association introduced it’s Mortgage Instructions in 2010 to ensure that licensed conveyancers or solicitors on a building society conveyancing panel had full access to a complete set of standardised mortgage instructions.
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* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [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
