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Ready to buy a new home? Failing to check that a lawyer is on the Nedbank list of approved solicitors can put your transaction at risk of delay or failure.
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Frequently asked questions relating to the Nedbank Conveyancing Panel
My fiance and I are purchasing a 1 bedroom apartment in London with a mortgage from Nedbank. We would like to retain our lawyer but Nedbank says she’s not on their "panel". We have to appoint one of the Nedbank panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Nedbank use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Nedbank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nedbank
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Nedbank was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer says that as she is on the Nedbank conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Nedbank approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Nedbank)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Nedbank.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Nedbank solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I was scheduled to move into my dream home yesterday. My solicitor is on the Nedbank conveyancing panel but has moved offices in the past couple of months and had not informed Nedbank of their new address. Nedbank has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Nedbank branch or your mortgage broker to see if they can help.
My husband and I are in the throws of viewing houses and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Nedbank
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Nedbank , make sure you remember to check that your lawyer is on the Nedbank conveyancing panel.
My existing mortgage is with Nedbank. My grandfather has just retired and wants to pay off my mortgage. After Nedbank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Nedbank conveyancing panel? I do not intend to live at the property once the Nedbank mortgage is discharged.
You
will need a solicitor but they need not be on the Nedbank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
The for formalities of my purchase has taken place with a loan from Nedbank. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Nedbank. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Nedbank branches or the Customer Care Department at Nedbank head office. We understand that complaints to Nedbank are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
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Transfer of Equity for NedbankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors