FAQs for the New Street Mortgages Solicitor Panel from members of the public
I am selling my apartment and the EA has just texted me to warn that the buyers are switching law firm. The reason given is that New Street Mortgages will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Expecting to move into my new home next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for New Street Mortgages. What risks do New Street Mortgages expect the insurance to cover?
All property lawyers on the New Street Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in New Street Mortgages’s Part 2 requirements of the CML Handbook (last updated on New Street Mortgages). Being on the New Street Mortgages conveyancing panel your lawyer is expect to follow these instructions.
I am purchasing a property and need a conveyancing solicitor in who is on the New Street Mortgages approved. Could you point me in the right direction as regards a firm?
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.
I am purchasing a terraced house and getting a mortgage with New Street Mortgages. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the New Street Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the New Street Mortgages conveyancing panel in your location.
Do conveyancing solicitors on the New Street Mortgages conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
How can we tell if a solicitor on the New Street Mortgages panel is any good?
Getting 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 recommend that you speak with the solicitor carrying out your transaction
I am selling my house. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, New Street Mortgages are being difficult. The solicitor who is on the New Street Mortgages conveyancing panel is happy to accept ‘lack of building regulation’ insurance but New Street Mortgages are insisting on a building regulation certificate. Why do New Street Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that New Street Mortgages have referred the matter to their valuer. The reason why New Street Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.