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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
FAQs : The New Street Mortgages Conveyancing Panel
I appointed a firm of solicitors to conveyancing on my remortgage three weeks ago having applied for a mortgage with New Street Mortgages. The law firm confirmed to me that they are on New Street Mortgages conveyancing panel and advised me their panel reference. New Street Mortgages then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the approved panel for New Street Mortgages?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the New Street Mortgages as to the time frame to get your lawyer reinstated on the panel once again.
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender New Street Mortgages. I am advised that, being on the New Street Mortgages conveyancing panel and acting on their behalf he must inform New Street Mortgages if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with New Street Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to New Street Mortgages if you agree, failing which, your lawyer must cease to continue acting.
I have checked 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.
Please explain the implications if my lawyer’s firm is removed from the New Street Mortgages Solicitor 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 for a fee.
When it comes to mortgage companies such as New Street Mortgages do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
Is there a list of New Street Mortgages panel conveyancers on the CML Handbook 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 paid off my mortgage with New Street Mortgages. I assume I don't need a solicitor on the New Street Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your New Street Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the New Street Mortgages mortgage from the register. New Street Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the New Street Mortgages has sent the Land Registry the discharge electronically, and
the New Street Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your New Street Mortgages mortgage has been paid off.
Other Topics
Transfer of Equity for New Street MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors