Q and A’s regarding the Nedbank Solicitor Panel from members of the public
My Solicitor is not listed on the Nedbank Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Nedbank list of approved lawyers?
You will need to have a conveyancer complete the legal work required when you take out a Nedbank mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Nedbank conveyancing panel additional costs will be incurred as separate legal representation will be required by Nedbank. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Our nephew is about to exchange on a newly built flat with a mortgage from Nedbank. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nedbank conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nedbank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Nedbank solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My solicitors in Newcastle have advised me that no longer have my conveyancing file. To assist with 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?
Different lenders have different requirements 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.
I have instructed a lawyer having made sure that they are on the Nedbank conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Nedbank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nedbank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nedbank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Nedbank you could contact your them to see if they have a list of approved surveyors.
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.
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 do I do now? 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.
