Find an Approved Solicitor on the Newbury Mortgage Services Ltd
Q and A’s regarding the Newbury Mortgage Services Solicitor Panel
My wife and I are novices when it comes to buying a property. Within the 48 hours our lawyer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Newbury Mortgage Services have this evening contacted us to inform me that they have now hit a problem as our solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Newbury Mortgage Services and see if they can apply for membership of the Newbury Mortgage Services conveyancing panel, but if that is not viable Newbury Mortgage Services will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Newbury Mortgage Services conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Expecting to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Newbury Mortgage Services. What risks do Newbury Mortgage Services expect the insurance to cover?
Any lawyer on the Newbury Mortgage Services conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Newbury Mortgage Services’s Part 2 requirements of the CML Handbook (last updated on Newbury Mortgage Services). Being on the Newbury Mortgage Services conveyancing panel your lawyer is expect to follow these instructions.
Are there any apps to help find a local solicitor on the Newbury Mortgage Services conveyancing panel? I have a car and am prepared to travel up to 10 kilometers 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 Newbury Mortgage Services solicitor panel.
My grandfather passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Newbury Mortgage Services , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Newbury Mortgage Services will insist on your using a conveyancer on the Newbury Mortgage Services 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 Mortgage Services 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 Mortgage Services mortgage is registered as a charge at the Land Registry.
Can you point me to a directory of Newbury Mortgage Services panel conveyancers on the Building Society Association’s 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 can not work out if my mortgage offer requires a lease extension . I have called Newbury Mortgage Services on numerous occasions and was told they are content with the situation 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.
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 in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Newbury Mortgage Services?
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 Mortgage Services 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 Mortgage Services and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.