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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.
Looking for information about your firm's panel status?Is my firm on the Newcastle Building Society Conveyancing Panel? 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?
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A lawyer my fiance and I wanted to use for conveyancing on a purchase said he will levy higher legal fees if my mortgage is with Newcastle Building Society because of their unusual legal requirements. Am I likely to be frustrated using Newcastle Building Society? Any comments will be appreciated
Newcastle Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Newcastle Building Society conveyancing panel. If they are not, this does add further risk of delay as Newcastle Building Society will appoint their own solicitors to look after their interest.
My conveyancer has uncovered a discrepancy when comparing the assumptions in Newcastle Building Society’s home valuation report and what is in the title deeds. My lawyer informs me that as he is on the Newcastle Building Society conveyancing panel he must check that the lender is with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
A precondition to being on the Newcastle Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Newcastle Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Newcastle Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
The firm that I appointed last week on my purchase in London has without warning closed. They were on acting for me because I needed a solicitor on the Newcastle Building Society conveyancing panel and my family lawyer was not. I paid them £200 on account. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Newcastle Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
The mortgage over my property is with Newcastle Building Society. Conveyancing was finalised months ago. Should I wish 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?
Your original mortgage agreement with Newcastle Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Newcastle Building Society’s mortgage conditions. It may be that Newcastle Building Society will permit you to let 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 lawyer.
My ex -wife’s name is on the Newcastle Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Newcastle Building Society mortgage in order to sell?
As regards the Newcastle Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Newcastle Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
My offer on house has been accepted, but there is a chain. 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.