Looking for information about your firm's panel status?
Penrith Building Society Conveyancing 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:
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.
Are Penrith Building Society Conveyancing panel solicitors at risk of the society altering or retracting the loan offer?
Penrith Building Society ‘s answer to this question can be found at section B.3 of their BSA specific requirements which states:
Not taken up within six months
Non compliance with any conditions
Non disclosure of any relevant information
Any information discovered that may be fraudulent or misleading
Can my firm make a complaint to the BSA about being removed excluded suspended from the Penrith Building Society conveyancing panel?
The BSA is not a regulator and therefore do not advise on complaints against lenders. You can of course contact us to see if we can help.
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel ?
Many estate agents are suffering if their clients start out on the buying process using 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.
Given my firm’s membership on the Penrith Building Society conveyancing panel for what period of time am I obliged to keep hold of the complete 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.
What reports are available via COMPLETIONmonitor to assist my application to be on the Penrith Building Society conveyancing 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 (broken down into sale)
- 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. seen in person)
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.
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
powered by LenderPanel
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
