Q and A’s regarding the Nedbank Conveyancing Panel from members of the public
I am obtaining a mortgage with Nedbank. I intend to retain the legal services of a Licensed Conveyancer. Does the Nedbank Conveyancing panel allow for Licensed Conveyancers
Nedbank’s conveyancing panel is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Please assist. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Nedbank was issued random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer informs me that as she is on the Nedbank conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions to being on the Nedbank approved panel is to comply with the CML Handbook Part 2 obligations (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.
Do I need to have a meeting at the offices of the Nedbank conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Leeds
so that I can pop in to their offices if necessary.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Leeds
.
I am considering applying for a Nedbank mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Nedbank?
In theory, you could use a solicitor that is not on Nedbank conveyancing panel, but Nedbank would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is it the case that all conveyancing solicitors on the Nedbank conveyancing panel work on a no sale no fee 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 service
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Nedbank conveyancing panel requirements are different to Nedbank’s conveyancing panel criteria.
At last I have had an offer on an apartment accepted, but there is a chain. 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.
