New Street Mortgages Conveyancing Lender Panel Compliance Tool

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

This system is the only way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on New Street Mortgages’s changes. Even though utilising this technology is not a prerequisite for New Street Mortgages , demonstrating you can stay up to date with New Street Mortgages’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, protect your panel standing.

The system generates real-time alerts, automatically produces compliance and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by New Street Mortgages

Lenders often change 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, over time:

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 04/04/2018 CML
6.7.1 14/11/2017 CML
6.7.1 06/11/2017 CML
6.7.4 06/11/2017 CML
5.8.1 13/09/2016 CML
5.4.6 21/03/2016 CML Local Search Indemnity Insurance
6.7.1 23/02/2016 CML
14.2.2 08/02/2016 CML
6.4.4 08/02/2016 CML
3.1.5 08/02/2016 CML

Last update 14/03/2019

FAQs : The New Street Mortgages Solicitor Panel from members of the public

What is the rationale as to why all UK lawyers aren't included on the New Street Mortgages Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our solicitor has discovered a problem with the lease for the apartment we are buying. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the New Street Mortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or New Street Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and New Street Mortgages are the client. 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 Handbook conditions require your lawyer to disclose issues such as defects will the lease so that New Street Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am purchasing a house and require a conveyancing solicitor in London who is on the New Street Mortgages conveyancing. 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.
Please explain the implications if my solicitor is expelled from the New Street Mortgages Conveyancing panel before completion?
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.
When it comes to mortgage companies such as New Street Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My existing mortgage is with New Street Mortgages. My father has just retired and wants to pay off the mortgage left on the property. After New Street Mortgages is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the New Street Mortgages conveyancing panel? I do not intend to live at the property once the New Street Mortgages mortgage is discharged.
You will need a solicitor but they need not be on the New Street Mortgages conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
Planning on purchasing a house with a mortgage with New Street Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the New Street Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the New Street Mortgages conveyancing panel