New Street Mortgages Conveyancing Panel : Questions and Answers from members of the public
Is the fact that my conveyancer is not isted on the New Street Mortgages Conveyancing panel that there is a problem with the quality of his 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company New Street Mortgages will not agree to this. Why was New Street Mortgages even consulted?
Your lawyer being on the New Street Mortgages conveyancing panel is duty bound to inform New Street Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to New Street Mortgages then they would have to discontinue acting for you and New Street Mortgages.
I have been Googling for competitive conveyancing fees. Can I be assured that all the firms that are listed on your website are on the New Street Mortgages conveyancing panel?
The law firms listed on our site have advised us that they are on the New Street Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the New Street Mortgages panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the New Street Mortgages conveyancing panel is not accurate.
I would like to get my former partner removed the mortgage deeds. Can New Street Mortgages really tell me which solicitor I can or can not use?
You can use any solicitor you like but New Street Mortgages then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the New Street Mortgages solicitors panel
I have a mortgage with New Street Mortgages. My father retired last week 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.
Completion of my purchase has taken place with a loan from New Street Mortgages. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about New Street Mortgages. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the New Street Mortgages branches or the Customer Services Team at New Street Mortgages head office. In most cases complaints to New Street Mortgages are resolved very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
At last I have had an offer on an apartment accepted, but there is a chain. 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.