Find an Approved Solicitor on the New Street Mortgages
Examples of recent questions relating to the New Street Mortgages Conveyancing Panel
The solicitor I had intended to instruct on a purchase said she will levy higher legal fees if my mortgage is with New Street Mortgages because of their unusual legal requirements. Am I likely to be frustrated using New Street Mortgages? Is New Street Mortgages conveyancing so much more difficult?
New Street Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the New Street Mortgages conveyancing panel. If they are not, this does add further risk of delay as New Street Mortgages will appoint their own solicitors to look after their interest.
My god-son is buying a newly built flat with a mortgage from New Street Mortgages. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the New Street Mortgages conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the New Street Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I see that you have a post code search directory identifying solicitors on the New Street Mortgages conveyancing panel. Do firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the New Street Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my solicitor is suspended from the New Street Mortgages Conveyancing panel before the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
When it comes to lenders such as New Street Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat. I have a mortgage agreed with New Street Mortgages. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with New Street Mortgages you will need to appoint a solicitor on the New Street Mortgages conveyancing panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, New Street Mortgages are being problematic. The solicitor who is on the New Street Mortgages conveyancing panel is recommending indemnity insurance as a solution but New Street Mortgages are insisting on a building regulation certificate. Why do New Street Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that New Street Mortgages have referred the matter to their valuer. The reason why New Street 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.