Find an Approved Solicitor on the Newbury Mortgage Services Ltd
Q and A’s regarding the Newbury Mortgage Services Solicitor Panel
I am getting a offer of a mortgage from Newbury Mortgage Services. my intention is to use a Licensed Conveyancer. Does the Newbury Mortgage Services Conveyancing panel exclude Licensed Conveyancers
Newbury Mortgage Services’s approved solicitor list is, like many other lenders associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My son is in the process of securing a new build apartment with a mortgage from Newbury Mortgage Services. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Newbury Mortgage Services conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Newbury Mortgage Services conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the lawyers identified as being on the Newbury Mortgage Services conveyancing panel, together with their details provided by Newbury Mortgage Services?
The firms themselves provide us confirmation that they are on the Newbury Mortgage Services conveyancing panel as opposed to being supplied with a list from Newbury Mortgage Services directly.
I am considering applying for a Newbury Mortgage Services mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Newbury Mortgage Services?
In theory, you could use a solicitor that is not on Newbury Mortgage Services conveyancing panel, but Newbury Mortgage Services would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am about to exchange contracts on a purchase with a mortgage from Newbury Mortgage Services. The report from my solicitor mentions that Newbury Mortgage Services could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Newbury Mortgage Services can revoke their mortgage offer although this rarely happens. If Newbury Mortgage Services withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
If the borrower informs Newbury Mortgage Services of a change in security address
Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Newbury Mortgage Services conveyancing panel solicitors would be obliged to notify Newbury Mortgage Services of a change in the price of the property.
Where the sale is not at arms length for value to unconnected persons
If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
If the solicitor on the Newbury Mortgage Services conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Newbury Mortgage Services ‘s instructions
I can not work out if my mortgage offer requires a lease extension . I have called Newbury Mortgage Services on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Newbury Mortgage Services conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Newbury Mortgage Services. Unless your lawyer obtains specific confirmation in writing that Newbury Mortgage Services 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 Newbury Mortgage Services to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I was told three weeks ago that my mortgage has been agreed
to by Newbury Mortgage Services. Is it usual for Newbury Mortgage Services to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Newbury Mortgage Services to deal with your lawyers application to be on the Newbury Mortgage Services conveyancing panel. There's no guarantee that your solicitors will be accepted.