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approved by Newbury Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Newbury Building Society 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 Newbury Building Society Conveyancing Panel? How can my firm be reinstated onto the Newbury Building Society Conveyancing Panel?Find an Approved Solicitor on the Newbury Building Society Conveyancing Panel
Common questions asked concerning the Newbury Building Society Conveyancing Panel
I am in the process of selling my maisonette and the EA has just telephoned to say that the purchasers are swapping solicitor. I am told that this is due to the fact that Newbury Building Society will only work with property lawyers on their approved list. Why would a leading lender only work with certain solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Newbury Building Society will not agree to this. Why was Newbury Building Society even consulted?
Your lawyer being on the Newbury Building Society conveyancing panel is duty bound to inform Newbury Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Newbury Building Society then they would have to discontinue acting for you and Newbury Building Society.
I note that you have a search directory identifying solicitors on the Newbury Building Society conveyancing panel. Do firms pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Newbury Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My solicitors in Manchester have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Newbury Building Society. Is it case that being on the Newbury 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 Newbury Building Society Conveyancing Panel Terms. It might be worth you contacting Newbury Building Society directly.
We are getting a further advance on our mortgage from Newbury Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Newbury Building Society conveyancing panel to deal with the paperwork?
Newbury Building Society would not normally appoint firms on 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 Newbury Building Society panel
Planning on purchasing a flat with a mortgage with Newbury Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Newbury Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Newbury Building Society conveyancing panel
I have instructed a lawyer having checked that they are on the Newbury Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty of house buying,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 Newbury Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Newbury Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Newbury 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 Newbury Building Society you could contact your them to see if they have a list of approved surveyors.