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Frequently asked questions relating to the New Street Mortgages Solicitor Panel
My Solicitor is not listed on the New Street Mortgages Conveyancing Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the New Street Mortgages panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a New Street Mortgages mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the New Street Mortgages conveyancing panel additional costs will be incurred as separate legal representation will be required by New Street Mortgages. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
My partner and I changing mortgage lender for our penthouse with New Street Mortgages. We have a son 18 who lives with us. The solicitor on the New Street Mortgages conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the New Street Mortgages conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to New Street Mortgages .This is solely used to protect the New Street Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of New Street Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am looking for conveyancing quotes online. Can I be confident that all the practices that are identified on your site are on the New Street Mortgages conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the New Street Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the New Street Mortgages panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the New Street Mortgages conveyancing panel is not accurate.
Please explain the implications if my lawyer’s firm is suspended from the New Street Mortgages Solicitor panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Are all Conveyancing Quality Solicitors on the New Street Mortgages conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with New Street Mortgages. Is there anyway to cut out the solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with New Street Mortgages involved you will need to appoint a solicitor on the New Street Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to New Street Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the New Street Mortgages conveyancing panel.
The for formalities of my remortgage has taken place with a mortgage from New Street Mortgages. Conveyancing was satisfactory but I feel I should register my dissatisfaction about New Street Mortgages. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the New Street Mortgages branches or the Customer Care Department at New Street Mortgages head office. In most cases complaints to New Street Mortgages are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.
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Transfer of Equity for New Street MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors