Q and A’s regarding the New Life Mortgages Conveyancing Panel from members of the public
My property lawyer has never been on on the New Life Mortgages Solicitor Panel. Can I still retain my preferred solicitor even though they are not on the New Life Mortgages panel?
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.
I am due to move into my new home next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for New Life Mortgages. What does the insurance need to cover?
All property lawyers on the New Life Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in New Life Mortgages’s Part 2 requirements of the CML Handbook (last updated on New Life Mortgages). Being on the New Life Mortgages conveyancing panel your lawyer is expect to follow these instructions.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the New Life Mortgages conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the New Life Mortgages conveyancing panel as opposed to being supplied with a list from New Life Mortgages directly.
The firm that just started acting on my purchase in Newcastle has without warning closed. They were on acting for me because I had to have a solicitor on the New Life Mortgages conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. 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 New Life Mortgages 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 should be in a position to help
Are all Conveyancing Quality Solicitors on the New Life Mortgages conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I have today made my last payment due on mortgage with New Life Mortgages. I assume I don't need a solicitor on the New Life Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your New Life Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the New Life Mortgages mortgage from the register. New Life Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the New Life Mortgages has sent the Land Registry the discharge electronically, and
the New Life Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your New Life Mortgages mortgage has been paid off.
It is not clear whether my mortgage offer requires a lease extension . I have called New Life Mortgages on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the New Life Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the New Life Mortgages panel she or he must comply with the CML Handbook requirements for New Life Mortgages. Unless your lawyer obtains specific confirmation in writing that New Life Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask New Life Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.