Find an Approved Solicitor on the New Life Mortgages Ltd
Q and A’s regarding the New Life Mortgages Conveyancing Panel
My husband and I are FTBs. Within the 48 hours our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. New Life Mortgages have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance 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 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 solicitors to act. You don't have to instruct a firm on the New Life Mortgages conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our solicitor has uncovered a legal deficiency with the lease for the apartment we are buying. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the New Life Mortgages conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or New Life Mortgages?
Just because you have a mortgage offer from New Life Mortgages does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and New Life Mortgages are the client. These conveyancing instructions have to be complied with by the New Life Mortgages conveyancing panel who has to balance acting for you and New Life Mortgages
I need to find a New Life Mortgages panel solicitor in Belfast. Could you help me?
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
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to New Life Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then New Life Mortgages will insist on your using a conveyancer on the New Life Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your New Life Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the New Life Mortgages mortgage is registered as a charge at the Land Registry.
I currently have a mortgage with with New Life Mortgages. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform New Life Mortgages?
You must advise New Life Mortgages before renting your property as this is likely to be a breach of New Life Mortgages’s mortgage conditions. It may be that New Life Mortgages will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact New Life Mortgages directly. It should not be necessary to do this via a New Life Mortgages conveyancing panel lawyer.
I have instructed a lawyer having made sure that they are on the New Life Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
Having digested plenty of house buying,I note that they all recommend that you should 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.
At last I have had an offer on an apartment accepted, but there is a chain. 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? When should I get the mortgage app going 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.