New Street Mortgages Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is web-based pre- and post-completion checklist for property lawyers. Supported by the Council of Mortgage Lenders and professional indemnity insures. COMPLETIONmonitor is a unique risk mitigation tool.

This system facilitates the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on New Street Mortgages’s changes. Notwithstanding that utilising the tool is not a prerequisite for New Street Mortgages , demonstrating you can stay up to date with New Street Mortgages’s Handbook requirements is a helpful support to your application to their lender panel and, just as importantly, protect your firm’s panel standing.

The system creates real-time alerts, automatically produces regulatory and CQS reports, and will increase your firm's efficiency. It is also simply to use, cost-effective and, for some firms, leads to reduced PII premiums.

Find a Law Firm approved by New Street Mortgages

Lenders often vary their requirements. The UK Finance Lenders’ Handbook requirements from New Street 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 Street Mortgages has made 130 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 21.0 days. In total, 7% of the sections of P2 of the UK Finance Lenders’ Handbook for New Street Mortgages have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 04/06/2018 CML
6.7.1 04/04/2018 CML
6.7.1 14/11/2017 CML
6.7.1 06/11/2017 CML
6.7.4 06/11/2017 CML
5.4.6 21/03/2016 CML Local Search Indemnity Insurance
16.3.7b 08/02/2016 CML
6.4.4 08/02/2016 CML
5.20.3 08/02/2016 CML
3.1.5 08/02/2016 CML

Last update 10/09/2019

Frequently asked questions relating to the New Street Mortgages Conveyancing Panel from members of the public

I appointed a solicitor to carry out on my house purchase six weeks ago having applied for a mortgage with New Street Mortgages. The solicitors assured me that they are on New Street Mortgages conveyancing panel and gave me their panel number. New Street Mortgages then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for New Street Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the New Street Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the New Street Mortgages as to the time frame to get your lawyer reinstated on the panel once again.
can you help? My conveyancer is advising me that he is legally obliged to order a Local Authority search as the firm are on the New Street Mortgages approved lawyer panel. Is my lawyer correct?
You have limited options available to you. Given that you are taking out a loan with New Street Mortgages your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of New Street Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated New Street Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the New Street Mortgages solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My conveyancers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with New Street Mortgages. Is it case that being on the New Street Mortgages conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender 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 New Street Mortgages Conveyancing Panel Terms. It might be worth you contacting New Street Mortgages directly.
How can we tell if a solicitor on the New Street Mortgages panel is any good?
obtaining recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with New Street Mortgages. Is there anyway to cut out the solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with New Street Mortgages involved you will need to appoint a solicitor on the New Street Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to New Street Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the New Street Mortgages conveyancing panel.
I had an offer accepted on an apartment on the 5th February 2014, valuation was booked 2 days later, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to New Street Mortgages and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the New Street Mortgages conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for New Street Mortgages to deal with your lawyers application to be on the New Street Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.