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Common questions asked concerning the Nedbank Conveyancing Panel
My fiance and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nedbank have this evening contacted us to advise us that there is now an issue as our conveyancer 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 Quality Scheme.
Your property lawyers 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the Nedbank conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Expecting to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Nedbank. What does the insurance need to cover?
All property lawyers on the Nedbank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Nedbank’s Part 2 requirements of the CML Handbook (last updated on Nedbank). Being on the Nedbank conveyancing panel your lawyer is expect to follow these instructions.
Do I have to visit the offices of the Nedbank conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bristol
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Nedbank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I was supposed to move into my flat last Friday. 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 is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of 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.
Are all solicitors on the Nedbank conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nedbank conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I'm at the point of looking at apartments and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage 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 EA. As you are getting a mortgage with Nedbank , make sure you remember to check that your lawyer is on the Nedbank conveyancing panel.
I had an offer accepted on a property on the 20th January 2014, valuation was booked 4 days later, all came back fine. Property lawyer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nedbank and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Nedbank conveyancing panel. Are Nedbank entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nedbank to deal with your lawyers application to be on the Nedbank conveyancing panel. There's no guarantee that your solicitors will be accepted.