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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.
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Examples of recent questions relating to the Norwich and Peterborough Building Society Conveyancing Panel
I would like to know the reason why all property lawyers aren't included on the Norwich and Peterborough Building Society Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Much to my surprise my lawyer is asking me for personal identification documents stating that this is part of his legal duty as a solicitor on the Norwich and Peterborough Building Society Solicitor panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Norwich and Peterborough Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Norwich and Peterborough Building Society CML Handbook requirements last updated on Norwich and Peterborough Building Society
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Norwich and Peterborough Building Society conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bristol so that I can pop in to their offices if necessary.
Whereas this was necessary ten 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 grandmother passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Norwich and Peterborough Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Norwich and Peterborough Building Society will insist on your using a conveyancer on the Norwich and Peterborough 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 Norwich and Peterborough 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 Norwich and Peterborough Building Society mortgage is registered as a charge at the Land Registry.
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 requirements.
I have had an offer accepted on a flat I spoke to a conveyancer recommended by my dad and he recommended retaining a law firm approved by Norwich and Peterborough Building Society. The estate agent recommended two local firms so I asked Norwich and Peterborough Building Society if the 2 suggested solicitors are approved, which they are not. Norwich and Peterborough Building Society suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Norwich and Peterborough Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Norwich and Peterborough Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Norwich and Peterborough Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Norwich and Peterborough Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Norwich and Peterborough Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
My existing mortgage is with Norwich and Peterborough Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After Norwich and Peterborough Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Norwich and Peterborough Building Society conveyancing panel? I do not intend to live at the property once the Norwich and Peterborough Building Society mortgage is discharged.
You will need a solicitor but they need not be on the Norwich and Peterborough Building Society conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.