New Life Mortgages Conveyancing Panel : Questions and Answers from members of the public
My lawyer is not listed on the New Life Mortgages Solicitor Panel. Can I still continue with my preferred solicitor notwithstanding that they are not on the New Life Mortgages list of approved lawyers?
You will need to have a conveyancer complete the legal work required when you take out a New Life Mortgages mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the New Life Mortgages conveyancing panel additional costs will be incurred as separate legal representation will be required by New Life Mortgages. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Our solicitor has uncovered a problem with the lease for the apartment we are purchasing. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the New Life Mortgages conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or New Life Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and New Life Mortgages are the client. A precondition to being on the New Life Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Life Mortgages). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that New Life Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I note that you have a post code search directory listing firms on the New Life Mortgages conveyancing panel. Do firms pay you a commission if I appoint them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the New Life Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My uncle passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to New Life Mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then New Life Mortgages will insist on your using a conveyancer on the New Life Mortgages 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 New Life Mortgages 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 New Life Mortgages mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing lawyers on the New Life Mortgages conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
My wife and I have arranged 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 legals?
New Life Mortgages would not normally appoint firms on 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
Intending to buy a flat with a mortgage with New Life Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the New Life Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the New Life Mortgages conveyancing panel