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approved by New Life Mortgages
Ready to buy a new home? Failing to check that a lawyer is on the New Life Mortgages 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 New Life Mortgages Ltd Conveyancing Panel? How can my firm be reinstated onto the New Life Mortgages Ltd Conveyancing Panel?Find an Approved Solicitor on the New Life Mortgages Ltd Conveyancing Panel
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Is the fact that my conveyancer is not isted on the New Life Mortgages Conveyancing panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for New Life Mortgages.
We are nearing an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender New Life Mortgages. I am advised that, being on the New Life Mortgages conveyancing panel and acting on their behalf he must inform New Life Mortgages if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with New Life Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to New Life Mortgages if you agree, failing which, your lawyer must cease to continue acting.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the New Life Mortgages conveyancing panel. My lawyer has said that they are on the New Life Mortgages approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the New Life Mortgages conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the New Life Mortgages solicitor panel.
I am trying to get my ex-husband taken off the mortgage deeds. Can New Life Mortgages really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but New Life Mortgages then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the New Life Mortgages solicitors panel
How can we tell if a solicitor on the New Life Mortgages panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your conveyancing
In what circumstances might New Life Mortgages amend or withdraw their mortgage offer?
Lenders such as New Life Mortgages can revoke their mortgage offer although this rarely happens. If New Life Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where to proceed with the Mortgage offer would be unlawful
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the solicitor on the New Life Mortgages conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with New Life Mortgages ‘s instructions
I recently had an offer accepted on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the New Life Mortgages 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 New Life Mortgages 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.
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Transfer of Equity for New Life MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors