Common questions asked concerning the New Street Mortgages Solicitor Panel
from members of the public
On what basis could a law firm be removed from the New Street Mortgages approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by New Street Mortgages
Much to my surprise my conveyancer has informed me that he requires proof of ID documents saying that this forms part of his obligations as a solicitor on the New Street Mortgages Solicitor panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that New Street Mortgages also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with New Street Mortgages CML Handbook requirements last updated on New Street Mortgages
Are there any apps to help find a local solicitor on the New Street Mortgages conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the lawyer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the New Street Mortgages solicitor panel.
Please explain the implications if my lawyer’s firm is removed from the New Street Mortgages Solicitor panel prior to the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of New Street Mortgages panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I currently have a mortgage with with New Street Mortgages. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform New Street Mortgages?
Your original mortgage agreement with New Street Mortgages will provide that you need their approval prior to letting out your property as this is likely to be a breach of New Street Mortgages’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact New Street Mortgages directly. It should not be necessary to do this via a New Street Mortgages conveyancing panel lawyer.
Next month my fiance and I are taking a long lease of a house in Hendon. Conveyancing solicitors in Hendon need to beappointed. My agentadvised that we enquire that the property lawyer in Hendon is on the New Street Mortgages solicitors panel. Is this right?
Not all Hendon conveyancing practices are on the New Street Mortgages conveyancing panel. 8 people a month use our search tool to locate a Hendon conveyancing practitioner
on the on the New Street Mortgages panel.