New Life Mortgages Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. It is a unique risk management tool.

This software is the only way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with automatic updates on New Life Mortgages’s changes. Notwithstanding that using the tool is not a condition for being on the New Life Mortgages panel, demonstrating you can remain up to date with New Life Mortgages’s Handbook requirements is a helpful support to your panel application and, just as importantly, safeguard your firm’s panel status.

The software generates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. It is also simply to use, cost-effective and, for many firms, results in a PII saving.

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Mortgage companies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from New Life Mortgages are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, New Life Mortgages has made 237 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 11.5 days. In total, 41% of the sections of P2 of the UK Finance Lenders’ Handbook for New Life Mortgages have been changed since 15/12/2008.

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Recent Changes Include

# Date Assoc. Changes Related To
10.9 19/11/2019 CML
5.5.3a 19/11/2019 CML Lack of Planning Permission Indemnity Insurance
5.10.1 19/11/2019 CML
6.2.1 19/11/2019 CML
6.6.1 19/11/2019 CML
5.14.10 13/11/2019 CML
5.15.2a 13/11/2019 CML
5.14.1 06/11/2019 CML
6.7.1 19/12/2018 CML
6.7.1 05/07/2017 CML

Last update 26/01/2020

New Life Mortgages Solicitor Panel Recently Asked Questions from members of the public

My fiance and I are purchasing a 2 bedroom flat in Newcastle with a mortgage from New Life Mortgages. We like our lawyer but New Life Mortgages says she’s not on their "panel". It seems we have little choice but to instruct one of the New Life Mortgages panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that New Life Mortgages use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the New Life Mortgages 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for New Life Mortgages
I am purchasing a newly constructed duplex and my lawyer is advising me that she is duty bound to disclose incentives from the builder as her practice is on the New Life Mortgages conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I dont want to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the New Life Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Life Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I have to attend the offices of the New Life Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Liverpool so that I can attend their offices if required.
Whereas this was necessary 12 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 Liverpool .
I am trying to get my ex-wife removed the mortgage deeds. Can New Life Mortgages really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but New Life Mortgages then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the New Life Mortgages solicitors panel
We are getting a further advance on our mortgage from New Life Mortgages as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the New Life Mortgages conveyancing panel to deal with the legals?
New Life Mortgages do not ordinarily appoint firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the New Life Mortgages panel
Last month we had a mortgage agreed in principle with New Life Mortgages. Solicitors have been appointed? How long does it take for New Life Mortgages to send the offer to our conveyancer
Some lenders take longer than others. Have New Life Mortgages done the survey? Have you advised New Life Mortgages as your lawyers details and checked that your lawyer is on the New Life Mortgages conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
The for formalities of my remortgage has taken place with a mortgage from New Life Mortgages. Conveyancing was a necessary evil but I would like to complain about New Life Mortgages. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the New Life Mortgages branches or the Customer Services Department at New Life Mortgages head office. We understand that complaints to New Life Mortgages are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the Financial Ombudsman Service with full details of your complaint.