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Ready to buy a new home? Failing to check that a lawyer is on the NewStreet list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the New Street Mortgages Conveyancing Panel? How can my firm be reinstated onto the New Street Mortgages Conveyancing Panel?
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New Street Mortgages Conveyancing Panel : Questions and Answers
I have been advised by my broker that I have to pay New Street Mortgages fees should I instruct my family lawyer. How good are the New Street Mortgages conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and reasonably priced. Would you recommend a specific law firm on the New Street Mortgages panel?
New Street Mortgages’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that New Street Mortgages will allow to act for them.
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 Street Mortgages will not agree to this. Why was New Street Mortgages even consulted?
Your lawyer being on the New Street Mortgages conveyancing panel is duty bound to inform New Street Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Street Mortgages then they would have to discontinue acting for you and New Street Mortgages.
I am purchasing a property and need a conveyancing solicitor in who is on the New Street Mortgages approved. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for New Street Mortgages . We don’t recommend any particular firm.
I was supposed to move into my dream home last Thursday. My solicitor is on the New Street Mortgages conveyancing panel but has moved offices in the past couple of months and had not informed New Street Mortgages of their new address. New Street Mortgages is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of 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 Street Mortgages branch or your mortgage broker to see if they can assist.
Is there a list of New Street Mortgages panel solicitors on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I have a mortgage with New Street Mortgages. My grandfather has just retired and wants to pay off my mortgage. After New Street Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the New Street Mortgages conveyancing panel? I do not intend to live at the property once the New Street Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the New Street Mortgages panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
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 booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with New Street 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 Street 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 Street Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.