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Ready to buy a new home? Failing to check that a lawyer is on the N&P 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 Norwich and Peterborough Building Society Conveyancing Panel? How does my firm apply to be on the Norwich and Peterborough Building Society Conveyancing Panel? How can my firm be reinstated onto the Norwich and Peterborough Building Society Conveyancing Panel?
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Q and A’s regarding the Norwich and Peterborough Building Society Conveyancing Panel
I instructed a firm of solicitors to conveyancing on my purchase six weeks ago having applied for a mortgage with Norwich and Peterborough Building Society. The firm reassured me that they are on Norwich and Peterborough Building Society conveyancing panel and provided me their panel reference. Norwich and Peterborough Building Society then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor currently on the approved panel for Norwich and Peterborough Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Norwich and Peterborough Building Society as to how long they think it will take to get the firm to get back on the panel.
can you help? My lawyer is advising me that he has to conduct a Local Authority search because the firm are on the Norwich and Peterborough Building Society solicitor panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Norwich and Peterborough Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Norwich and Peterborough Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Norwich and Peterborough Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I am Googling for competitive conveyancing fees. Can I be confident that all the law firms that are listed on your website are on the Norwich and Peterborough Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the Norwich and Peterborough Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Norwich and Peterborough Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Norwich and Peterborough Building Society conveyancing panel is not accurate.
Can you clarify what the consequences are if my solicitor is suspended from the Norwich and Peterborough Building Society Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Norwich and Peterborough Building Society conveyancing panel requirements are different to Norwich and Peterborough Building Society’s conveyancing panel criteria.
What are the common reasons for a lender such as Norwich and Peterborough Building Society to withdraw a mortgage offer?
Lenders such as Norwich and Peterborough Building Society can revoke their mortgage offer although this is unusual. should Norwich and Peterborough Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Where information comes to Norwich and Peterborough Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Many mortgage offers have an expiry date. Your lawyer should check this. Norwich and Peterborough Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Norwich and Peterborough Building Society has been notified
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
My ex -wife’s name is on the Norwich and Peterborough 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 Norwich and Peterborough Building Society mortgage in order to sell?
In terms of the Norwich and Peterborough 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 Norwich and Peterborough 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.