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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.
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I am selling my flat and the EA has just e-mailed to say that the purchasers are swapping conveyancer. The reason given is that Newbury Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific solicitors?
Lenders have always had panels 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 more than 25 years.
Banks point to the increase 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 hearing daily from firms 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 fiance and I are refinancing our penthouse with Newbury Building Society. We have a son 19 who lives with us. The solicitor on the Newbury Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Newbury Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Newbury Building Society .This is solely used to protect the Newbury Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Newbury Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am purchasing a house and need a conveyancing solicitor in Leeds who is on the Newbury Building Society solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Newbury Building Society . We don’t recommend any particular firm.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Newbury Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Newbury Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Last month we had a mortgage agreed in principle with Newbury Building Society. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Newbury Building Society?
There is no definitive answer here. Have Newbury Building Society conducted the valuation? Have you advised Newbury Building Society as your lawyers details and checked that your lawyer is on the Newbury Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My existing mortgage is with Newbury Building Society. My grandfather retired last week and wants to pay off my mortgage. After Newbury Building Society 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 Newbury Building Society conveyancing panel? I do not intend to live at the property once the Newbury Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Newbury Building Society 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. There's no capital gains tax for you as it is
your main residence.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Newbury Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Newbury Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Newbury Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.