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Ready to buy a new home? Failing to check that a lawyer is on the Newcastle BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Newcastle Building Society Conveyancing Panel? How can my firm be reinstated onto the Newcastle Building Society Conveyancing Panel?Find an Approved Solicitor on the Newcastle Building Society Conveyancing Panel
FAQs for the Newcastle Building Society Conveyancing Panel
How easy is it to change a solicitor as I need to find one who is on the Newcastle Building Society conveyancing panel. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Newcastle Building Society was issued random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor has advised that as she is on the Newcastle Building Society conveyancing panel she needs to redo the searches as they are now out of date.
A precondition to being on the Newcastle Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Newcastle Building Society)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Newcastle Building Society.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Newcastle Building Society conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Bristol
so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol
.
My grandfather passed away 10 months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Newcastle Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Newcastle Building Society will insist on your using a conveyancer on the Newcastle 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 Newcastle 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 Newcastle Building Society mortgage is registered as a charge at the Land Registry.
Is it the case that all solicitor practices on the Newcastle Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Newcastle Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
The mortgage over my property is with Newcastle Building Society. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Newcastle Building Society?
You must advise Newcastle Building Society prior to renting your property as this is likely to be a breach of Newcastle Building Society’s mortgage conditions. In many cases banks or building societies 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 Newcastle Building Society directly. It should not be necessary to do this via a Newcastle Building Society conveyancing panel firm.
At last I have had an offer on an apartment 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 should be my next step? At what point should I appy for the mortgage with Newcastle 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 Newcastle 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 Newcastle Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.