New Life Mortgages Solicitor Panel Recently Asked Questions from members of the public
I would like to know the reason why all solicitors aren't included on the New Life Mortgages Conveyancing 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company New Life Mortgages will not agree to this. Why was New Life Mortgages even consulted?
Your lawyer being on the New Life Mortgages conveyancing panel is duty bound to inform New Life Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Life Mortgages then they would have to discontinue acting for you and New Life Mortgages.
I have been Googling for competitive conveyancing fees. Can I be sure that all the law firms that are identified on your directory are on the New Life Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the New Life Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the New Life Mortgages 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 New Life Mortgages conveyancing panel is not accurate.
My lawyers in Birmingham have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with New Life Mortgages. Is it case that being on the New Life Mortgages conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the New Life Mortgages Conveyancing Panel Terms. It might be worth you contacting New Life Mortgages directly.
We are getting a further advance on our mortgage from New Life Mortgages as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the New Life Mortgages conveyancing panel to deal with the paperwork?
New Life Mortgages would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the New Life Mortgages list
My brother and I have agreed a price on a house I spoke to a solicitor recommended by my uncle and he recommended instructing a property lawyers approved by New Life Mortgages. The estate agent recommended two local firms so I asked New Life Mortgages if the 2 suggested solicitors are approved, which they are not. New Life Mortgages pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of New Life Mortgages '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 New Life Mortgages to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the New Life Mortgages 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 New Life Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet New Life Mortgages’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.
Me and my partner are taking a long lease of a terraced house in Hendon. Conveyancing solicitors in Hendon are about to begiven the go-ahead. My friendrecommended that we double-check that the conveyancer in Hendon is on the New Life Mortgages list of approved conveyancing firms. Is this right?
It is not that case that all Hendon conveyancing practices are on the New Life Mortgages conveyancing panel. Click here to search for a Hendon conveyancing lawyer on the on the New Life Mortgages solicitors pane.