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Ready to buy a new home? Failing to check that a lawyer is on the Penrith BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Penrith Building Society Conveyancing Panel? How can my firm be reinstated onto the Penrith Building Society Conveyancing Panel?Find an Approved Solicitor on the Penrith Building Society Conveyancing Panel
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My wife and I are novices when it comes to buying a property. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Penrith Building Society have this evening contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact Penrith Building Society and see if they can apply for membership of the Penrith Building Society conveyancing panel, but if that is not viable Penrith Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Penrith Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I do hope you can help me. My lawyer is advising me that he is legally obliged to apply for a Local Authority search because the firm are on the Penrith Building Society approved lawyer panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with Penrith Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Penrith Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Penrith Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Whilst your website is a good idea there are many lawyers listed near Coventry on the Penrith Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Penrith Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My lawyers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Penrith Building Society. Is it case that being on the Penrith Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Penrith Building Society Conveyancing Panel Terms. It might be worth you contacting Penrith Building Society directly.
Are all Conveyancing Quality Solicitors on the Penrith Building Society conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
My wife and I have arranged a further advance on our mortgage from Penrith Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Penrith Building Society conveyancing panel to deal with the paperwork?
Penrith Building Society do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Penrith Building Society list
I have instructed a lawyer having made sure that they are on the Penrith Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Penrith Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Penrith Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Penrith Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Penrith Building Society you could contact your them to see if they have a list of approved surveyors.