Examples of recent questions relating to the New Street Mortgages Conveyancing Panel from members of the public
Am I correct in assuming that the fact that my conveyancer is not isted on the New Street Mortgages Conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for New Street Mortgages.
I am buying a newly constructed apartment and my lawyer is advising me that she has to disclose incentives from the developer as her practice is on the New Street Mortgages conveyancing panel. I am on a tight deadline to sign contracts and I dont want to prolong the conveyancing. 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 Street Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on New Street 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.
I am looking to buy a house and require a conveyancing solicitor in Liverpool who is on the New Street Mortgages approved. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for New Street Mortgages . We don’t recommend any particular firm.
We're in London, First timers purchasing with a mortgage (lender is New Street Mortgages , but our lawyer is on the New Street Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the New Street Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all solicitors on the New Street Mortgages conveyancing panel overseen by the SRA?
As solicitors, in order to be on the New Street Mortgages conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have paid off my mortgage with New Street Mortgages. I assume I don't need a solicitor on the New Street Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your New Street Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the New Street Mortgages mortgage from the register. New Street Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the New Street Mortgages has sent the Land Registry the discharge electronically, and
the New Street Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your New Street Mortgages mortgage has been paid off.
My offer on house has been accepted, the seller does however have a dependent purchase. 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 should be my next step? When should I get the mortgage app going with New Street Mortgages?
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 New Street Mortgages 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 New Street Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.