Tuesday, 11 February 2014

Penrith Building Society Conveyancing Panel Required to Supply Evidence of PI Insurance

Penrith Building Society yesterday changed their conveyancing panel requirements to require confirmation of professional indemnity insurance. It could be a coincidence but this comes hot on the heals of 136 firms being listed by the SRA as uninsured as well as the SRA withdrawing a practicing certificate for a lawyer who continued with conveyancing work after having been suspended.

The change to the Society's BSA Mortgage Instructions do not make it clear whether existing firms on the conveyancing panel need to send in a copy of their PI policy. The team at Lexsure are advising their firms to send a copy to the Society just in case.

Other requirements to be on the Penrith Conveyancing Panel include the fact that the firm must have a minimum of 3 partners as well as supplying a copy of the practicing certificates.

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