Nedbank Solicitor Panel Example Support Desk Enquires from members of the public
On what basis would a law firm be removed from the Nedbank approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Nedbank
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Nedbank was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the Nedbank conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Nedbank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Nedbank)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Nedbank.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Nedbank conveyancing panel. My lawyer has said that they are on the Nedbank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Nedbank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Nedbank solicitor panel.
My conveyancers in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Nedbank. Is it case that being on the Nedbank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender 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 Nedbank Conveyancing Panel Terms. It might be worth you contacting Nedbank directly.
Are all Conveyancing Quality Solicitors on the Nedbank conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is 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 remain on their approved list of firms.
I have a mortgage with Nedbank. My godfather retired last week and wants to pay off the mortgage left on the property. After Nedbank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Nedbank conveyancing panel? I do not intend to live at the property once the Nedbank mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Nedbank 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.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Nedbank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Nedbank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Nedbank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
