Frequently asked questions relating to the Nedbank Solicitor Panel from members of the public
I am in the process of selling my maisonette and the estate agent has just called to advise that the purchasers are appointing a new law firm. The excuse is that Nedbank will only deal with solicitors on their approved list. Why would a major mortgage company only deal with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My solicitor has identified a discrepancy between the surveyor’s assumptions in Nedbank’s home valuation report and what is in the conveyancing documents. My solicitor has advised that as he is on the Nedbank conveyancing panel he must ensure that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s stance correct?
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 do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
Are there any apps to help search for a local solicitor on the Nedbank conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the conveyancer.
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.
My grandmother passed away last year and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Nedbank , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Nedbank will insist on your using a conveyancer on the Nedbank 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 Nedbank 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 Nedbank mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Nedbank conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
My ex -wife’s name is on the Nedbank mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Nedbank mortgage in order to sell?
As regards the Nedbank mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Nedbank in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
Nedbank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Nedbank or your broker and complete any relevant paperwork. Nedbank will tell you what documents they want. Nedbank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Nedbank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.