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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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Frequently asked questions relating to the New Street Mortgages Conveyancing Panel
Is there a reason why all UK lawyers are not on the New Street Mortgages Conveyancing panel?
New Street Mortgages and other lenders tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that New Street Mortgages have no responsibility for the quality of advice provided by any member of New Street Mortgages Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
I am purchasing a newly constructed flat and my lawyer is advising me that she has to disclose incentives from the builder as her firm is on the New Street Mortgages conveyancing panel. I am on a tight deadline to exchange and I have no desire to delay the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are there any apps to help search for a local solicitor on the New Street Mortgages conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the New Street Mortgages solicitor panel.
Please explain the implications if my solicitor is expelled from the New Street Mortgages Conveyancing panel before the completion date?
First, this is a very rare occurrence. 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.
We are getting a further advance on our mortgage from New Street Mortgages as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the New Street Mortgages conveyancing panel to deal with the paperwork?
New Street Mortgages would not normally appoint firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the New Street Mortgages list
My existing mortgage is with New Street Mortgages. My godfather retired last week and wants to pay off the mortgage left on the property. After New Street Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly 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.
You will need a solicitor but they need not be on the New Street Mortgages conveyancing 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.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned New Street Mortgages on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the New Street Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for New Street Mortgages. Unless your lawyer obtains specific confirmation in writing that New Street Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask New Street Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.