Find an Approved Solicitor on the New Life Mortgages Ltd
Frequently asked questions relating to the New Life Mortgages Solicitor Panel
My wife and I are novices when it comes to buying a property. Within the 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. New Life Mortgages have this evening contacted us to advise us that there is now an issue as our solicitor is not on their conveyancing panel. Is this a problem?
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 property lawyers should contact New Life Mortgages and see if they can apply for membership of the New Life Mortgages conveyancing panel, but if that is not viable New Life Mortgages will instruct their own lawyers to represent them. You don't have to instruct a firm on the New Life Mortgages conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am due to complete my purchase next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for New Life Mortgages. What risks do New Life Mortgages expect the insurance to cover?
All property lawyers on the New Life Mortgages 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 New Life Mortgages’s Part 2 requirements of the CML Handbook (last updated on New Life Mortgages). Being on the New Life Mortgages conveyancing panel your lawyer is expect to follow these instructions.
I need to find a New Life Mortgages panel solicitor in Stirling. Can you assist?
It is not clear why you need a New Life Mortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to New Life Mortgages to find out which solicitors in New Life Mortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I am selling my house. Does my solicitor have to be on the New Life Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the New Life Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, New Life Mortgages are being problematic. The solicitor who is on the New Life Mortgages conveyancing panel is happy to accept ‘lack of building regulation’ insurance but New Life Mortgages are requiring a building regulation certificate. Why do New Life Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that New Life Mortgages have referred the matter to their valuer. The reason why New Life Mortgages 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.
I have instructed a lawyer having checked that they are on the New Life Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
Having read lots of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the New Life Mortgages conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
New Life Mortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually New Life Mortgages will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with New Life Mortgages you could contact your them to see if they have a list of approved surveyors.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with New Life Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the New Life Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with New Life Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.