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Ready to buy a new home? Failing to check that a lawyer is on the NewStreet 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 Street Mortgages Conveyancing Panel? How can my firm be reinstated onto the New Street Mortgages Conveyancing Panel?Find an Approved Solicitor on the New Street Mortgages Conveyancing Panel
Common questions asked concerning the New Street Mortgages Conveyancing Panel
On what basis could a firm of solicitors be removed from the New Street Mortgages solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by New Street Mortgages
I do hope you can help me. My solicitor is advising me that he is legally obliged to order a Local Authority search as the firm are on the New Street Mortgages approved lawyer panel. Do I not have a choice here?
You have limited options available to you. As you are taking a mortgage with New Street Mortgages your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of New Street Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated New Street Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How do I find a local solicitor on the New Street Mortgages conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the lawyer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the New Street Mortgages solicitor panel.
My aunt passed away last year and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to New Street Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then New Street Mortgages will insist on your using a conveyancer on the New Street Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your New Street Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the New Street Mortgages mortgage is registered as a charge at the Land Registry.
Do conveyancing solicitors on the New Street Mortgages conveyancing panel work on a no move no charge basis?
On the whole 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 package
I am currently in the process of buying my council flat. I have a mortgage agreed with New Street Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with New Street Mortgages you will need to appoint a solicitor on the New Street Mortgages conveyancing panel.
I can not work out if my mortgage offer requires a lease extension . I have called New Street Mortgages on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the New Street Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for New Street Mortgages. Unless your lawyer obtains specific confirmation in writing that New Street Mortgages 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 New Street Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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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