Penrith Building Society Conveyancing Panel Information

The information on this page is designed to keep solicitors and licensed conveyancers abreast of latest requirements changes by Penrith Building Society and to assist in remaining on the Penrith Building Society Approved Conveyancing Solicitors.

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Penrith Building Society Conveyancing Panel Information:

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.

Do the Building Society Association intend to launch a search tool with a view to to identify firms on the Penrith Building Society conveyancing panel ?

Lexsure has not been advised of any intention on the part of the BSA to promote such a register .

Given my firm’s membership on the Penrith Building Society conveyancing panel how long am I expected to archive the original conveyancing file?

The BSA Mortgage Instructions state that the firm must keep the file for at least 6 years from the date of the mortgage. Data imaging is normally suitable compliance with this requirement. As a firm on the Penrith Building Society conveyancing panel you must allow Penrith Building Society to conduct such reasonable audit of your information security measures as Penrith Building Society or their agents may to ensure your compliance with your file retention obligations.

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.

My firm is on the Penrith Building Society conveyancing panel. I am dealing with Penrith Building Society mortgage on a purchase. My borrower client is asking not to disclose an issue to Penrith Building Society. What do I do in this conflict situation?

When a solicitor is acting for both Penrith Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent.

In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Penrith Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Penrith Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Penrith Building Society conveyancing panel status.

Do publish figures exists regarding the Penrith Building Society conveyancing panel size as well as the number of conveyancing firms dismissed each quarter?

With lenders and solicitors working so closely with one another it is surprising that there has not been much call for the introduction of a bit of transparency regarding not just the figures for the Penrith Building Society conveyancing panel but for all lender panels

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:

I am a sole practitioner firm on the Penrith Building Society conveyancing panel. Do you have ideas as to how we can market our practice as specialists in conveyancing in Hendon on the Penrith Building Society panel?

6 potential conveyancing clients search for a solicitor on the Penrith Building Society panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be identified by those searching for conveyancing in Hendon.

Find a Lawyer on the Penrith Building Society Approved Conveyancing Solicitors

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

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Please note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors