Looking for information about your firm's panel status?
Penrith Building Society Solicitor Panel Information:
What are the Penrith Building Society conveyancing panel arrangements?
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:
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.
Am I obliged,
being on the Penrith Building Society conveyancing panel, to carry out a Lawyer Checker Search, an HS2 search?
Penrith Building Society make no specific obligation to carry out
any of the searches listed. The BSA Mortgage Instructions simply
states that ‘you must ensure that any other searches which may be
appropriate to the particular property, taking into account its
locality and other features are carried out’.
Please note that most ‘less usual searches’ (as described in the Law Society’s Conveyancing Handbook) are not optional as far as Penrith Building Society are concerned if they are ‘appropriate’. Most lenders will not require environmental searches (you should Check the Penrith Building Society Specific Requirements of BSA Handbook to be sure), but you are obliged to explain risks and availability to the borrower.
Ground stability, Plansearch,flood searches as well as the searches listed in the question are optional – but only to the extent that you have allowed the borrower client to make an informed choice. Regardless of whether there is a mortgage, If you have not advised the client that these (and other) searches are available and what risks they cover, then you will be liable if the client suffers loss through not conducting one.
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?
Although not necessarily published, lenders have varying 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):
- Full disciplinary history for each licensed conveyancer
- Full complaints history for each conveyancing solicitor
- Full career history for each licensed conveyancer including registration date with Council of Licensed Conveyancers
- List of all those who fund the firm, including non-lawyers if applicable
- List of all those staff who work within the conveyancing team
- Whether any lender has ever made a claim against the firm’s PII cover
- Structure of firm and, where applicable, its group
- Charge registration history
- 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. new disciplinary action
What is the CLC doing to ensure that licensed conveyancers remain on lender conveyancing panels?
As is the case with the Law Society the CLC has entered discussions with lenders and their representative bodies to see whether and how the risks that lenders wish to mitigate could be addressed through the regulatory framework rather than ad hoc arrangements that can differ from lender to lender. It is likely that that the CLC have been in touch with lenders such as Penrith Building Society as well as the BSA
Are there conditions, outside the BSA Mortgage Instructions, that a
firm should be aware of when on the Penrith Building Society
conveyancing panel?
In order to be on the Penrith Building Society conveyancing panel solicitors have to complete an application form and agree Terms and Conditions. A sample of 5 conditions that we see amongst many lenders Terms (but not necessarily Penrith Building Society) are as follows:
- To be responsible for the reconstitution of the title deeds (whether the title is registered or unregistered, at your own cost), where any deeds in your possession, or were last known to be in your possession, go missing.
- To forward the title deeds and documents to another solicitor within 24 hours of an instruction from us requiring you to do so. On forwarding the deeds as instructed you will confirm to us that you have done so. Upon receipt of your confirmation, we will release you from all undertakings relating to your holding the title deeds.
- To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds.)
- To notify us in writing of any change in your details as held on our records for example, change of address, telephone number, document exchange number email address. Notification must be given to us at least 10 days before the change will be effective.
- Without prejudice to your obligation to comply in full with the Safeguards provisions in the BSA Lenders’ Handbook, to report to us as soon as possible any suspicion that you have about the genuineness of any transaction in any respect.
I seldom receive a copy of a lender valuation any more. Do my Penrith Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Penrith Building Society as the lender?
You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (I) You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to an out of date postal address or DX details.
The CML Handbook contains conveyancing instructions for a roof with a solar panel. Penrith Building Society do not set out obligations via the BSA Mortgage Instructions. Is this right?
The BSA Mortgage Instructions don't
specifically deal with Solar Panels but it would be prudent as
approved solicitors for Penrith Building Society to raise the issue
with them (as you would if the UK Finance Lenders’ Handbook applied). In any event you
need to raise the appropriate questions for your buyer client.
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
