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FAQs : The New Street Mortgages Conveyancing Panel
I am in the process of selling my maisonette and the estate agent has just telephoned to say that the buyers are switching law firm. I am told that this is due to the fact that New Street Mortgages will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders 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.
My solicitor has spotted an inconsistency between the surveyor’s assumptions in New Street Mortgages’s valuation report and what is in the conveyancing documents. My solicitor says that as he is on the New Street Mortgages conveyancing panel he is obliged to check that the bank is with this discrepancy and is content go ahead. Is my lawyer’s course or action right?
A precondition to being on the New Street Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Street Mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the New Street Mortgages conveyancing panel. My lawyer has said that they are on the New Street Mortgages approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the New Street Mortgages conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the New Street Mortgages solicitor panel.
I am purchasing a terraced house and getting a mortgage with New Street Mortgages. How practical is it for me to do the conveyancing?
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.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the New Street Mortgages conveyancing panel requirements are different to New Street Mortgages’s conveyancing panel criteria.
We were going to get a DIP from New Street Mortgages this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the New Street Mortgages recommend a solicitor on the New Street Mortgages conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the New Street Mortgages conveyancing panel. The solicitor represents both you and the New Street Mortgages through the process.
I have had an offer accepted on a flat I spoke to a conveyancer previously used by my mum and he suggested instructing a property lawyers approved by New Street Mortgages. The estate agent recommended two local firms so I asked New Street Mortgages if the 2 suggested solicitors are approved, which they are not. New Street Mortgages suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of New Street 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 Street Mortgages to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the New Street 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 Street Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet New Street 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.
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