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approved by Newbury Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Newbury Building Society list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Newbury Building Society Conveyancing Panel
Common questions asked concerning the Newbury Building Society Conveyancing Panel
For what reasons would a firm of solicitors be removed from the Newbury Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- lack 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 Newbury Building Society
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 Newbury Building Society will not agree to this. Why was Newbury Building Society even consulted?
Your lawyer being on the Newbury Building Society conveyancing panel is duty bound to inform Newbury Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Newbury Building Society then they would have to discontinue acting for you and Newbury Building Society.
How do I find a local solicitor on the Newbury Building Society conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search 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 Newbury Building Society solicitor panel.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Newbury Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Newbury Building Society will insist on your using a conveyancer on the Newbury Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Newbury Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Newbury Building Society mortgage is registered as a charge at the Land Registry.
I previously instructed online solicitors located in Manchester who are on the Newbury Building Society solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Newbury Building Society mortgage. Is this a supplemental conveyancing fee specified by Newbury Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Newbury Building Society but by your lawyers. Some firms on the Newbury Building Society will charge an ‘acting for lender’ fee and others do not.
Can I be sure that the solicitor on the Newbury Building Society panel is any good?
Getting recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your conveyancing
I currently have a mortgage with with Newbury Building Society. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Newbury Building Society?
You must advise Newbury Building Society prior to renting your property as this is likely to be a breach of Newbury Building Society’s mortgage conditions. It may be that Newbury Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Newbury Building Society directly. It should not be necessary to do this via a Newbury Building Society conveyancing panel firm.