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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.

Find an Approved Solicitor on the Nedbank Private Wealth Ltd Conveyancing Panel

Nedbank Conveyancing Panel Example Support Desk Enquires

My husband and I are novices when it comes to buying a property. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Nedbank have this morning contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.

In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Nedbank and see if they can apply for membership of the Nedbank conveyancing panel, but if that is not viable Nedbank will instruct their own solicitors to act. You don't have to instruct a firm on the Nedbank conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.

My partner and I are refinancing our penthouse with Nedbank. We have a son 18 who lives with us. The solicitor on the Nedbank conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the Nedbank conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nedbank conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nedbank .This is solely used to protect the Nedbank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.

It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nedbank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.

I see that you have a search directory identifying firms on the Nedbank conveyancing panel. Do firms pay you a commission if I retain them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Nedbank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my solicitor is expelled from the Nedbank Conveyancing panel in advance of the completion date?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Nedbank conveyancing panel requirements are different to Nedbank’s conveyancing panel requirements.
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 into my local branch Nedbank on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Nedbank 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?
As long as the conveyancer is on the Nedbank panel she or he must comply with the CML Handbook requirements for Nedbank. Unless your lawyer obtains specific confirmation in writing that Nedbank 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 Nedbank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am selling my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nedbank are being a right pain. The solicitor who is on the Nedbank conveyancing panel is recommending indemnity insurance as a solution but Nedbank are requiring a building regulation certificate. Why do Nedbank have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Nedbank have referred the matter to their valuer. The reason why Nedbank may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.