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approved by New Life Mortgages
Ready to buy a new home? Failing to check that a lawyer is on the New Life Mortgages list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the New Life Mortgages Ltd Conveyancing Panel? How can my firm be reinstated onto the New Life Mortgages Ltd Conveyancing Panel?Find an Approved Solicitor on the New Life Mortgages Ltd Conveyancing Panel
Frequently asked questions relating to the New Life Mortgages Conveyancing Panel
I am progressing with the sale of my apartment and the EA has just texted me to say that the buyers are swapping law firm. The excuse is that New Life Mortgages will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage 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 Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company New Life Mortgages will not agree to this. Why was New Life Mortgages even consulted?
Your lawyer being on the New Life Mortgages conveyancing panel is duty bound to inform New Life Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Life Mortgages then they would have to discontinue acting for you and New Life Mortgages.
Do I have to pop into the offices of the New Life Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle
so that I can attend their offices when needed.
Most conveyancing panel lawyers for New Life Mortgages 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 scheduled to complete on my dream home last Friday. My solicitor is on the New Life Mortgages solicitors panel but has moved offices 8 weeks ago and had not informed New Life Mortgages of their new address. New Life Mortgages has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most 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 New Life Mortgages branch or your mortgage broker to see if they can help.
Can I be sure that the solicitor on the New Life Mortgages panel is any good?
Getting recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing
We have agreed a price on a flat I spoke to a lawyer recommended by my dad and he recommended retaining a solicitor approved by New Life Mortgages. The estate agent recommended two local firms so I asked New Life Mortgages if the 2 suggested solicitors are approved, which they are not. New Life Mortgages pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of New Life Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask New Life Mortgages for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the New Life Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto New Life Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet New Life Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
The mortgage over my property is with New Life Mortgages. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property 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?
Your original mortgage agreement with New Life Mortgages will provide that you need their approval in advance of letting out 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.
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Transfer of Equity for New Life MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors