Q and A’s regarding the Nedbank Solicitor Panel
from members of the public
I appointed a firm of solicitors to carry out on my purchase three weeks ago having applied for a mortgage with Nedbank. The law firm confirmed to me that they are on Nedbank conveyancing panel and provided me their panel number. Nedbank then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the conveyancing panel for Nedbank?
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 Nedbank as to how long they think it will take to get the firm to get back on the panel.
I am due to move into my new home next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Nedbank. What risks do Nedbank expect the insurance to cover?
Any lawyer on the Nedbank 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 Nedbank’s Part 2 requirements of the CML Handbook (last updated on Nedbank). Being on the Nedbank conveyancing panel your lawyer is expect to follow these requirements.
How do I search for a local solicitor on the Nedbank conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Nedbank solicitor panel.
I am selling my house. Does my solicitor have to be on the Nedbank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Nedbank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
When it comes to mortgage companies such as Nedbank do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the solicitor on the Nedbank panel is any good?
seeking recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer conducting your conveyancing
I have today made my last payment due on mortgage with Nedbank. I assume I don't need a solicitor on the Nedbank panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nedbank 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 Nedbank mortgage from the register. Nedbank,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 Nedbank has sent the Land Registry the discharge electronically, and
the Nedbank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Nedbank mortgage has been paid off.