Find an Approved Solicitor on the New Life Mortgages Ltd
New Life Mortgages Conveyancing Panel : Questions and Answers
I am selling my house and the estate agent has just texted me to advise that the buyers are changing their conveyancer. The reason given is that New Life Mortgages will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud as the reason 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 hearing daily from firms 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.
I am buying a new build flat and my solicitor is advising me that she is duty bound to disclose incentives from the developer as her firm is on the New Life Mortgages conveyancing panel. I am under pressure to exchange contracts and I would rather not delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the New Life Mortgages panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the New Life Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Life Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I see that you have a search directory identifying solicitors on the New Life Mortgages conveyancing panel. Do firms pay you a commission if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the New Life Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
We're in Wales, First time buyers buying with a mortgage (lender is New Life Mortgages , but our lawyer is on the New Life Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the New Life Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
We have a mortgage agreed in principle with New Life Mortgages. Solicitors have been chosen? How long does it take for New Life Mortgages to send the offer to our conveyancer
There is no definitive answer here. Have New Life Mortgages completed the valuation? Have you advised New Life Mortgages as your lawyers details and checked that your lawyer is on the New Life Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
We expect to receive a DIP from New Life Mortgages this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (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.
Completion of my remortgage has taken place with a mortgage from New Life Mortgages. Conveyancing was satisfactory but I feel I should register my dissatisfaction about New Life Mortgages. How do I make a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the New Life Mortgages branches or the Customer Care Team at New Life Mortgages head office. We understand that complaints to New Life Mortgages are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service
with full details of your complaint.