Find an Approved Solicitor on the New Life Mortgages Ltd
Q and A’s regarding the New Life Mortgages Conveyancing Panel
I am progressing with the sale of my house and the EA has just texted me to advise that the buyers are switching solicitor. The excuse is that New Life Mortgages will only work with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain solicitors?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Much to my surprise my solicitor has requested from me ID documents asserting that this forms part of his legal duty as a solicitor on the New Life Mortgages Solicitor panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with New Life Mortgages your lawyer also has to check ID documents to satisfy New Life Mortgages
I have been looking for conveyancing quotes online. Can I be sure that all the practices that are identified on your website are on the New Life Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the New Life Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the New Life Mortgages panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the New Life Mortgages conveyancing panel is not accurate.
I am mortgaging my apartment does my lawyer need to be on the New Life Mortgages Conveyancing panel?
There is nothing to stop you using your solicitor but New Life Mortgages will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Can you point me to a directory of New Life Mortgages panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We were going to get a DIP from New Life Mortgages this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the New Life Mortgages recommend a solicitor on the New Life Mortgages conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the New Life Mortgages conveyancing panel. The solicitor represents both you and the New Life Mortgages through the process.
I have today made my last payment due on mortgage with New Life Mortgages. I assume I don't need a solicitor on the New Life Mortgages panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your New Life Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the New Life Mortgages mortgage from the register. New Life Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the New Life Mortgages has sent the Land Registry the discharge electronically, and
the New Life Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your New Life Mortgages mortgage has been paid off.