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Ready to buy a new home? Failing to check that a lawyer is on the Newbury Mortgage Services 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 Mortgage Services Ltd Conveyancing Panel? How can my firm be reinstated onto the Newbury Mortgage Services Ltd Conveyancing Panel?Find an Approved Solicitor on the Newbury Mortgage Services Ltd Conveyancing Panel
FAQs : The Newbury Mortgage Services Solicitor Panel
What is the rationale as to why all UK lawyers are not on the Newbury Mortgage Services Solicitor panel?
Newbury Mortgage Services and other lenders tend to imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Newbury Mortgage Services have no responsibility for the quality of advice provided by any member of Newbury Mortgage Services Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
I am purchasing a new build apartment and my conveyancer is informing me that she is duty bound to disclose incentives from the developer as her firm is on the Newbury Mortgage Services conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to prolong matters. Can I insist on an exchange regardless of what my lawyer says about being on the Newbury Mortgage Services panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Newbury Mortgage Services approved panel is to comply with the CML Handbook requirements (last updated for this lender on Newbury Mortgage Services). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I note that you have a search directory identifying firms on the Newbury Mortgage Services conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Newbury Mortgage Services conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am selling my house. Does my solicitor have to be on the Newbury Mortgage Services conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Newbury Mortgage Services conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do conveyancing solicitors on the Newbury Mortgage Services conveyancing panel work on a no sale no fee basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Newbury Mortgage Services on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Newbury Mortgage Services conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Newbury Mortgage Services. Unless your lawyer obtains specific confirmation in writing that Newbury Mortgage Services will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Newbury Mortgage Services to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I recently had an offer accepted on a house. My financial adviser recommended their conveyancers I paid an upfront payment of 175. Soon after the conveyancers contacted me to say that they were not on the Newbury Mortgage Services conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Newbury Mortgage Services panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.