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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.
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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?Find an Approved Solicitor on the New Street Mortgages Conveyancing Panel
Q and A’s regarding the New Street Mortgages Solicitor Panel
For what reasons would a law firm be excluded from the New Street Mortgages solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by New Street Mortgages
Our conveyancer has uncovered a defect with the lease for the property we are purchasing. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the New Street Mortgages conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is New Street Mortgages?
Just because you have a mortgage offer from New Street 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 Street Mortgages are the client. The appropriate lender requirements have to be complied with by the New Street Mortgages conveyancing panel who has to balance acting for you and New Street Mortgages
I note that you have a search directory identifying firms on the New Street Mortgages conveyancing panel. Do firms pay you a referral fee if I retain 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.
I am purchasing a new build flat and getting a mortgage with New Street Mortgages. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the New Street Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the New Street Mortgages conveyancing panel in your location.
We have a mortgage agreed in principle with New Street Mortgages. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from New Street Mortgages?
There is no definitive answer here. Have New Street Mortgages conducted the survey? Have you advised New Street Mortgages as your lawyers details and checked that your lawyer is on the New Street Mortgages conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Completion of my remortgage has taken place with a loan from New Street Mortgages. Conveyancing was satisfactory but I would like to complain about New Street Mortgages. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the New Street Mortgages branches or the Customer Services Department at New Street Mortgages head office. We understand that complaints to New Street Mortgages are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.
I am due to exchange contracts on my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, New Street Mortgages are being a right pain. The solicitor who is on the New Street Mortgages conveyancing panel is saying indemnity insurance will be fine 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.
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Transfer of Equity for New Street MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors