FAQs for the Nedbank Solicitor Panel from members of the public
My husband and I are hoping to buy a 1 bedroom apartment in Hackney with a mortgage from Nedbank. We have a lawyer but Nedbank says he's not on their "panel". We have to appoint one of the Nedbank panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Nedbank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Nedbank
I am due to move into my new home next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer 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 instructions.
I require the services of a Nedbank panel solicitor in Inverness. Could you help me?
It is not clear why you need a Nedbank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Nedbank to find out which solicitors in Nedbank are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
The firm that I recently instructed on my house acquisition in Manchester has suddenly shut down. I only went with them because I needed a firm on the Nedbank conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nedbank 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 solicitors may be able to help
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 requirements.
My fiance and I are spending time looking at apartments and am about to put in an offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with Nedbank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Nedbank , ask your prospective lawyers check they are on the Nedbank conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Nedbank. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Nedbank you will need to appoint a solicitor on the Nedbank conveyancing panel.